On August 22, 2018, the former vice chairman of a Swiss bank pleaded guilty to a money-laundering conspiracy charge in connection with an alleged scheme to launder $1.2 billion that had been embezzled from Venezuelan state-owned oil company PDVSA.  According to his plea agreement, starting in 2016, Matthias Krull assisted several Venezuelan clients in laundering embezzled PDVSA funds through fictitious investment schemes and real estate transactions.  Krull, who was arrested on several additional charges in late July and is cooperating with federal authorities, has reportedly implicated other money managers, brokerage firms, banks, and real estate investment firms as operating as a “network of professional money launderers.”

United States v. Krull, 18-cr-20682 (S.D. Fla.)

DOJ Press Release