SINGAPORE (Jan 11): Jens Fred Sturzenegger, former branch manager of Falcon Private Bank’s Singapore office, has been sentenced to 28 weeks’ jail and fined $128,000 for offences related to the on-going probe into 1 Malaysia Development Berhad (1MDB).

He was convicted on six charges: two for failing to report suspicious financial transactions, and four other charges for lying to investigators and regulators.

Sturzenegger was pressed with 10 other charges last week, which were taken into consideration in the sentencing on Wednesday.

The 42-year-old Swiss national is the fourth individual to be found guilty out of the five charged by Singapore authorities for their involvement in Malaysian sovereign wealth fund 1MDB.

While Sturzenegger’s jail sentence starts from today, he has been given two weeks’ grace to pay the fine.

In meting out his sentence, district judge Ow Yong Tuck Leong noted the “staggering sums” of money involved. In addition, the judge said Sturzenegger had caused “wastage of public resources” when he lied to investigators.

However, Ow Yong also noted that Sturzenegger was a first time offender and had later cooperated fully with the authorities.

Sturzenegger’s lawyer, Tan Hee Joek of Tan See Swan & Co, says his client is “unlikely” to appeal.