A former Julius Baer wealth manager admitted to participating in a billion-dollar scheme to launder money embezzled from Venezuela’s state-owned oil company, less than a month after he was arrested for his alleged role in the plot.
Bloomberg News reports that Matthias Krull, 44, a German citizen and resident of Panama, pleaded guilty on Wednesday to one count of conspiracy to commit money laundering, federal prosecutors in Miami said in a statement. Krull was arrested in July and charged with using real estate in Florida and fake investment schemes to conceal $1.2 billion in funds that were embezzled from PDVSA. He’s scheduled to be sentenced October 29.
A Colombian national wanted on the same charges as Krull was also arrested in July and the Justice Department said at the time that six suspects from Venezuela, Portugal and Uruguay remained at large.
Bloomberg also reports that Julius Baer has started an investigation after the arrest of the ex-employee.
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