As we have blogged, the United States
Attorney’s Office for the Southern District of Florida is pursuing charges
against eight individuals for allegedly conspiring to launder $1.2 billion
embezzled from a Venezuelan state-owned oil company and other
unlawfully-derived funds. On August 22, 2018, Matthias Krull, the first of
those co-defendants, pled guilty for his role in the charged conspiracy. Krull,
a German national and former high-ranking executive at Swiss bank Julius Baer
who was based in Panama at the time of the alleged scheme, faces up to 10 years
in prison according to the terms of the Plea Agreement but, due to his
potential cooperation with authorities as reflected by paragraphs 10 to 12 of
the Plea Agreement, may serve less. The
conduct of Krull illustrates the potentially key role of professionals in
elaborate money laundering schemes. More… 
Tuesday, August 28, 2018
First Defendant Pleads and Agrees to Cooperate in $1.2 Billion Alleged Venezuelan Laundering Scheme
As we have blogged, the United States
Attorney’s Office for the Southern District of Florida is pursuing charges
against eight individuals for allegedly conspiring to launder $1.2 billion
embezzled from a Venezuelan state-owned oil company and other
unlawfully-derived funds. On August 22, 2018, Matthias Krull, the first of
those co-defendants, pled guilty for his role in the charged conspiracy. Krull,
a German national and former high-ranking executive at Swiss bank Julius Baer
who was based in Panama at the time of the alleged scheme, faces up to 10 years
in prison according to the terms of the Plea Agreement but, due to his
potential cooperation with authorities as reflected by paragraphs 10 to 12 of
the Plea Agreement, may serve less. The
conduct of Krull illustrates the potentially key role of professionals in
elaborate money laundering schemes. More… 
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