Swiss Bank executive enters guilty plea in Venezuelan US$1.2B PDVSA money laundering scheme

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre
- ADVERTISEMENT -

A former Swiss bank executive has pleaded guilty to his role in a $1.2 billion money-laundering scheme involving Venezuela’s state-run oil and Natural Gas Company, the Associated Press reported on Wednesday.

Federal court records show that 44-year-old Matthias Krull pleaded guilty in Miami federal court on Wednesday to conspiracy to commit money laundering. The German national and Panamanian resident is scheduled to be sentenced Oct. 29.

Authorities say the scheme began in 2014 with bribery and fraud at the state-run PDVSA oil and gas enterprise and grew over time. A criminal complaint contends the scheme involved members of the Venezuelan elite, money managers, brokerage firms, banks and real estate investment firms.

Krull acknowledged joining the conspiracy in 2016. Officials say Krull and others used Miami real estate and sophisticated false-investment schemes to conceal the embezzled money. (Associated Press)

- Advertisement -
spot_img

Latest News

Ali in fiery exchange with BBC journalist about Guyana’s oil

Guyana’s President, Dr. Mohamed Irfaan Ali, sat down for an interview with BBC journalist, Stephen Shakur, on the sidelines...

More Articles Like This