Ex-Swiss banker jailed over billion-dollar global money laundering scheme
01 Nov 2018

A former top executive at a Swiss bank has been sentenced to 10 years in prison and ordered to pay up over half a million dollars following an investigation into an international money laundering scheme.

According to the US department of Justice, Matthias Krull, who was the managing director and vice chairman at his bank, admitted to participating in a currency exchange scheme that was designed to embezzle around $600 million from Venezuelan state-owned oil company Petróleos de Venezuela, S.A. (PDVSA).

By May 2015, the conspiracy had doubled in amount to $1.2 billion embezzled from PDVSA.

Krull is understood to have joined the conspiracy in or around 2016, when a co-conspirator contacted him to launder the proceeds of the scheme.

The 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,” the DoJ explained.

He was sentenced to 10 years in jail, to be followed by three years of supervised release, and ordered to pay a fine in the amount of $50,000 and a forfeiture money judgment of $600,000.

Read more:

London woman sentenced for helping banker brother launder cash offshore

Beneficial ownership: Man who claimed to be dead is arrested, luxury assets seized

The perfect AML programme: A ten point guide

Advance your CPD minutes for this content, by signing up and using the CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.