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An ex-Venezuelan oil company exec received a reduced sentence for his role in a $1B money laundering scheme that allegedly involved South Florida real estate. ....
Ex-Venezuelan official who helped feds in huge corruption case gets two years in prison Jay Weaver, The Miami Herald May 6 A former top financial officer in Venezuela s state-owned oil company was sentenced to two years and four months in prison Wednesday after admitting that he played a supporting role in allowing wealthy Venezuelan kleptocrats to make loans to the government entity that yielded fortunes for them. Abraham Edgardo Ortega, the former executive director of financial planning at Petroleos de Venezuela, S.A. (PDVSA), admitted he accepted more than $12 million in bribes that were secretly wired to U.S. and other financial institutions. Ortega, who was facing about five years in prison, was given a significant sentence reduction by U.S. District Judge Kathleen Williams because he was the first Venezuelan official to cooperate with federal authorities in a massive $1.2 billion money-laundering conspiracy case. ....
ADVERTISEMENT ADVERTISEMENT Ex-Venezuelan Oil Exec Gets 2 Years For Aiding $1.2B Scheme Law360 (May 5, 2021, 9:14 PM EDT) A Florida federal judge on Wednesday sentenced the former finance director for Venezuela s state-owned oil company to more than two years in prison for his role in a $1.2 billion conspiracy to embezzle money from the company and launder it through sophisticated false-investment schemes in the U.S. and abroad. Abraham Edgardo Ortega, who pled guilty in October 2018 to one count of conspiracy to commit money laundering, was the third person sentenced out of eight charged so far in connection with the scheme. In court filings and at Wednesday s hearing, federal prosecutors said Ortega s position as a public official who accepted bribes. ....
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice) A former executive with Venezuela’s state-run oil company was sentenced to two years and four months in prison in connection with an alleged $1.2 billion money laundering scheme linked to South Florida real estate. Abraham Edgardo Ortega, who was executive director of financial planning at PDVSA, admitted he accepted more than $12 million in bribes for his role, which allowed other Venezuelans who were charged to embezzle from the company, the Miami Herald reported. Prosecutors allege “kleptocrats” made loans to the oil company that made them wealthy overnight, in part through Venezuela’s unique currency exchange system. ....
Ex-Julius Baer advisor's prison sentence slashed in $1.2bn Venezuela fraud case citywireamericas.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywireamericas.com Daily Mail and Mail on Sunday newspapers.