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Related: About this forumFormer Swiss Bank Executive Sentenced to Prison for Role In Billion-Dollar International Money Laund
https://www.justice.gov/usao-sdfl/pr/former-swiss-bank-executive-sentenced-prison-role-billion-dollar-international-moneyDepartment of Justice
U.S. Attorneys Office
Southern District of Florida
FOR IMMEDIATE RELEASE
Monday, October 29, 2018
Former Swiss Bank Executive Sentenced to Prison for Role In Billion-Dollar International Money Laundering Scheme Involving Funds Embezzled From Venezuelan State-Owned Oil Company
The former managing director and vice chairman of a Swiss bank was sentenced to 10 years in prison today, after previously pleading guilty for his role in a billion-dollar international scheme to launder funds embezzled from Venezuelan state-owned oil company Petróleos de Venezuela, S.A. (PDVSA).
(snip)
Matthias Krull, 44, a German national and Panamanian resident, pleaded guilty to one count of conspiracy to commit money laundering, on Aug. 22. U.S. District Judge Cecilia M. Altonaga of the Southern District of Florida sentenced Krull to serve 120 months in prison, to be followed by three years of supervised release. Judge Altonaga also ordered Krull to pay a fine in the amount of $50,000 and a forfeiture money judgment of $600,000.
As part of his plea, Krull admitted that in his position with the Swiss bank, he attracted private clients, particularly clients from Venezuela, to the bank. In this role, Krulls clients included Francisco Convit Guruceaga, who was indicted on money laundering charges on Aug. 16. Krulls clients also included three unnamed conspirators described in the Aug. 16 indictment.
Krull admitted that the conspiracy began in December 2014 with a currency exchange scheme that was designed to embezzle around $600 million from PDVSA, obtained through bribery and fraud and the conspirators efforts to launder a portion of the proceeds of that scheme. By May 2015, the conspiracy had doubled in amount to $1.2 billion embezzled from PDVSA. PDVSA is Venezuelas primary source of income and foreign currency (namely, U.S. Dollars and Euros). Krull joined the conspiracy in or around 2016, he admitted, when a co-conspirator contacted him to launder the proceeds of a PDVSA foreign-exchange embezzlement scheme.
Ultimately, Krull joined the conspiracy to launder $1.2 billion worth of funds that were embezzled from PDVSA, he admitted. Krull and members of the money laundering conspiracy used Miami, Florida real estate and sophisticated false-investment schemes to conceal that the $1.2 billion was in fact embezzled from PDVSA. Krull also admitted that surrounding and supporting these false-investment laundering schemes are complicit money managers, brokerage firms, banks and real estate investment firms in the United States and elsewhere, operating as a network of professional money launderers.
(snip)
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Former Swiss Bank Executive Sentenced to Prison for Role In Billion-Dollar International Money Laund (Original Post)
nitpicker
Oct 2018
OP
TexasTowelie
(112,217 posts)1. Since it was not mentioned in the press release
the Swiss bank where Krull worked is Julius Baer.
Here is a more detailed article:
https://www.finews.com/news/english-news/32678-julius-baer-matthias-krull-pdsva-money-laundering
I hope that the DOJ is building a strong case against the bank. The bank is also associated with scandals at Petrobras and FIFA (the governing body of soccer).
Cracklin Charlie
(12,904 posts)2. Miami real estate?
Hmmm...