German national Matthias Krull, 44, a resident of Panama, admitted in a federal court in Miami that he helped launder US$ 1.2 billion embezzled from Petroleos de Venezuela, S.A. (PDVSA).
The scheme began in 2014 when several suspects from Venezuela had obtained $600 million from PDVSA and enacted a sophisticated currency exchange scheme to embezzle it. A portion of that money was laundered through Miami real estate, allowing their profits to grow. By May 2015, the conspiracy had doubled to $1.2 billion.
Krull admitted that he attracted private clients, particularly clients from Venezuela, to the bank. His clients included Francisco Convit Guruceaga, who was indicted on money laundering charges on Aug. 16.
