Overview

• Tarek Obaid and Patrick Mahony received seven and six-year prison sentences, respectively.
• The fraud involved creating a false joint venture with 1MDB, claiming Saudi government backing.
• Funds were laundered through Swiss bank accounts and used for luxury purchases and investments.
• The scandal has led to global investigations, implicating high-level officials and financial institutions.
• 1MDB continues efforts to recover stolen assets, with a total of $4.5 billion estimated to be embezzled.