Legal Newsline

Saturday, October 19, 2019

Former Venezuelan state-owned oil company executive pleads guilty to money laundering scheme

Federal Gov

By Marian Johns | Nov 6, 2018

WASHINGTON, D.C. — The U.S. Department of Justice (DOJ) announced  the guilty plea of a former Venezuelan State-Owned Oil Company Petróleos de Venezuela, S.A. (PDVSA) executive to particpating in what the DOJ is calling a "billion-dollar international money laundering scheme" involving the Venezuelan state-owned oil company.

According to the DOJ, Abraham Edgardo Ortega, PDVSA's previous head of financial planning, entered into a plea of plotting to commit money laundering and working with another defendant to taking bribe money. 

Ortega and his co-conspirator allegedly used a fake investment operation along with money managers, banks, real estate and brokerage firms.  He admitted to taking $5 million in bribes to push through loan status to a French business as well as a Russian bank, the DOJ said. Ortega embezzled $1.2 billion through the fraudulent actions and bribery scheme, according to the department.

Ortega's case stemmed from an investigation by the Organized Crime Drug Enforcement Task (OCDETF) called "Operation Money Flight," according to the DOJ.

Want to get notified whenever we write about U.S. Department of Justice ?

Sign-up Next time we write about U.S. Department of Justice, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

U.S. Department of Justice

More News