SINGAPORE (Jan 11): Jens Fred Sturzenegger, the former branch manager of Falcon Private Bank in Singapore, was sentenced to 28 weeks’ jail and fined $128,000 for offences related to the illegal movement of money involving 1Malaysia Development Berhad (1MDB).

Sturzenegger was convicted on six charges. Two were for failing to report suspicious financial transactions and four for lying to investigators and regulators. The additional 10 other charges he was accused of last week were taken into consideration in the sentencing.

Sturzenegger’s sentence, mete out in court this afternoon, is the fourth guilty verdict to be handed down thus far of the five individuals charged by Singapore authorities for their involvement in the 1MDB case.

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