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Banker gets 10 years in prison for role in laundering funds from Venezuela's state oil company

Banker to cooperate with authorities in $1.2B money laundering case

Matthias Krull pleaded guilty in Miami federal court to conspiracy to commit money laundering.
Matthias Krull pleaded guilty in Miami federal court to conspiracy to commit money laundering.

MIAMI, Fla. – Former Julius Baer banker Matthias Krull was sentenced to 10 years in prison on Monday for his role in laundering funds stolen from the Venezuelan government that authorities say belonged to President Nicolas Maduro's three stepsons.

Krull, who was born in Germany, was working in Panama when came in contact with a Miami-based informant who was working with U.S. authorities.

Krull's case in front of U.S. District Judge Cecilia Altonaga is part of a series of cases in Miami federal court that are linked to $1.2 billion that prosecutors say were embezzled from PDVSA Venezuela's state oil company.

Krull pleaded guilty to one count of conspiracy to commit money laundering on Aug. 22. He will remain free on bail until April, and he expects his sentence to be reduced since he is cooperating with prosecutors in the cases against his co-defendants. 


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