Embezzled Malaysian Funds Used to Finance Local Real Estate, ‘Wolf of Wall Street’: Justice Department

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Along the winding roads of some of L.A.’s toniest neighborhoods and in the often-opaque world of Hollywood film finance, federal officials say Malaysian officials stashed some of the billions they embezzled from a public fund.

The Justice Department moved Wednesday to seize more than $1 billion in assets — including four posh L.A. homes, a Beverly Hills hotel and a stake in 2013 film “The Wolf of Wall Street” — that it says were purchased with money stolen from the 1Malaysia Development Berhad fund, or 1MDB, court filings show.

Other assets the Justice Department is seeking to seize include a $35-million jet, several New York properties, music publishing rights of EMI Music and works of art by Vincent van Gogh and Claude Monet, according to court filings.

“The Malaysian people were defrauded on an enormous scale in schemes whose tentacles stretched around the world,” Andrew McCabe, the FBI’s deputy director, said at a news conference announcing the legal action.

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