Moderators Moderator_02 Posted October 24, 2018 Moderators Share Posted October 24, 2018 Quote Ex-Panama banker pleads guilty to laundering $1.2 billion Posted on October 23, 2018 in Panama Post Views: 343 A German-born banker, formerly operating in Panama, has pleaded guilty in Miami, Florida, to helping launder $1.2 billion from the Venezuelan state oil company PDVSA. Matthias Krull, a 44, was a former director of the Swiss bank Julius Baer and its vice chairman in Panama. Krull admitted to US prosecutors to, being part of a conspiracy to attract Venezuelan customers and participate in a scheme of money laundering of about $1,2 billion of PDVSA, through real estate in the United States. He was reported to have a raft of PEPs (Politically Exposed Persons) on his books. Krull was indicted in July and pleaded guilty in August. The sentence will be handed down on October 29 in a Miami court https://www.newsroompanama.com/news/panama/ex-panama-banker-pleads-guilty-to-laundering-1-2-billion-a-german-born-banker-formerly-operating-in-in-panama-has-pleaded-guilty-in-miami-florida-to-helping-launder-ing-1-2-billion-from-t Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted October 27, 2018 Author Moderators Share Posted October 27, 2018 Quote Bank closes operations in Panama The Swiss bank, Julius Baer, reported that it will close its representative offices in the Central American country and will concentrate on other larger markets in the region such as Brazil. Thursday, October 25, 2018 The statement of the financial institution was made after Matthias Krull, a former employee of the bank in Panama, pleaded guilty in the U.S. two months ago for money laundering in a case of diversion of funds from the Venezuelan state-owned oil company PDVSA. Laestrella.com.pa reports that "... The embezzlement was for $1.2 billion, according to international media reports, which ended in an international investigation against the bank that ultimately resulted in Krull's sentence. The bank has not been charged for the crime." The article adds that "... The bank undertook a review of its business in the region, which resulted in the decision to close its operations in Panama and Peru. It declared to the Financial Times that will continue to serve its clients and will offer its 'key employees' a transfer to one of its headquarters, whether located in Chile or the Bahamas." https://www.centralamericadata.com/en/article/main/Bank_closes_operations_in_Panama Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted October 29, 2018 Author Moderators Share Posted October 29, 2018 Quote Swiss Bank closes Panama offices after employee laundering Posted on October 28, 2018 in Panama Mathias Krull guilty of money laundering Post Views: 226 The Swiss bank, Julius Baer, whose former Panama boss is awaiting sentencing after pleading guilty in Miami to money laundering is closing its offices in the country and will concentrate on other larger markets in the region such as Brazil. The statement of the financial institution was made after Matthias Krull, pleaded guilty in a case of diversion of $1.2 BILLION from the Venezuelan state-owned oil company PDVSA. The case resulted in ended in an international investigation against the bank that ultimately resulted in Krull’s sentence. The bank has not been charged for the crime.” The bank undertook a review of its business in the region, which resulted in the decision to close its operations in Panama and Peru. It told the Financial Times that will continue to serve its clients and will offer its ‘key employees’ a transfer to one of its branches, located in Chile or the Bahamas.” https://www.newsroompanama.com/news/panama/swiss-bank-closes-panama-offices-after-employee-laundering-plea Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted October 29, 2018 Author Moderators Share Posted October 29, 2018 Quote Justice News Department of Justice Office of Public Affairs 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). Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Ariana Fajardo Orshan of the Southern District of Florida, and Special Agent in Charge Mark Selby of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI) Miami Field Office made the announcement. 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, Krull’s clients included Francisco Convit Guruceaga, who was indicted on money laundering charges on Aug. 16. Krull’s 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 Venezuela’s 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. Krull’s co-conspirators indicted on Aug. 16 include former PDVSA officials, professional third-party money launderers and members of the Venezuelan elite, sometimes known as “boliburgués.” An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force’s (OCDETF) “Operation Money Flight,” a partnership among federal, state and local law enforcement agencies. The OCDETF mission is to identify, investigate and prosecute high-level members of drug trafficking enterprises, bringing together the combined expertise and unique abilities of federal, state and local law enforcement. The investigation was conducted by HSI Miami, HSI London, HSI Rome and HSI Madrid. This case is being prosecuted by Assistant Chief David Johnson and Trial Attorney Gwendolyn A. Stamper of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Michael Nadler of the Economic and Environmental Crimes Section of the Southern District of Florida. Assistant U.S. Attorney Nalina Sombuntham of the Southern District of Florida is handling the asset forfeiture. The Criminal Division’s Office of International Affairs provided substantial assistance in this matter; the National Crime Agency of the United Kingdom; and Italian, Spanish and Maltese law enforcement authorities provided assistance. The Fraud Section is responsible for investigating and prosecuting all Foreign Corrupt Practices Act (FCPA) matters. Additional information about the Justice Department’s FCPA enforcement efforts can be found at www.justice.gov/criminal/fraud/fcpa. https://www.justice.gov/opa/pr/former-swiss-bank-executive-sentenced-prison-role-billion-dollar-international-money Quote Link to comment Share on other sites More sharing options...
Department of Justice Office of Public Affairs 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). Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Ariana Fajardo Orshan of the Southern District of Florida, and Special Agent in Charge Mark Selby of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI) Miami Field Office made the announcement. 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, Krull’s clients included Francisco Convit Guruceaga, who was indicted on money laundering charges on Aug. 16. Krull’s 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 Venezuela’s 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. Krull’s co-conspirators indicted on Aug. 16 include former PDVSA officials, professional third-party money launderers and members of the Venezuelan elite, sometimes known as “boliburgués.” An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force’s (OCDETF) “Operation Money Flight,” a partnership among federal, state and local law enforcement agencies. The OCDETF mission is to identify, investigate and prosecute high-level members of drug trafficking enterprises, bringing together the combined expertise and unique abilities of federal, state and local law enforcement. The investigation was conducted by HSI Miami, HSI London, HSI Rome and HSI Madrid. This case is being prosecuted by Assistant Chief David Johnson and Trial Attorney Gwendolyn A. Stamper of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Michael Nadler of the Economic and Environmental Crimes Section of the Southern District of Florida. Assistant U.S. Attorney Nalina Sombuntham of the Southern District of Florida is handling the asset forfeiture. The Criminal Division’s Office of International Affairs provided substantial assistance in this matter; the National Crime Agency of the United Kingdom; and Italian, Spanish and Maltese law enforcement authorities provided assistance. The Fraud Section is responsible for investigating and prosecuting all Foreign Corrupt Practices Act (FCPA) matters. Additional information about the Justice Department’s FCPA enforcement efforts can be found at www.justice.gov/criminal/fraud/fcpa.
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