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Financial Advisor Pleads Guilty to Money Laundering

Christian.Larson@cwt.com's picture
Commentary by Christian Larson

A financial advisor pleaded guilty to conspiracy money laundering, and violations of the Foreign Corrupt Practices Act ("FCPA").

According to a DOJ statement, the financial advisor conspired with an oil services contractor to pay nearly $3 million in bribes to Ecuadorian government officials to retain contracts with an Ecuadorian oil company. To conceal the bribe payments to two former officials of the company, the financial advisor allegedly established several Panamanian shell companies with Swiss bank accounts.

The financial advisor also admitted to conspiring to hide bribery payments intended for an official of a Brazilian construction conglomerate. The DOJ added that the bribery payments took place in several jurisdictions, including the United States, through various shell companies and bank accounts that the financial advisor established.

Sentencing is scheduled for December 18, 2019 at the U.S. District Court for the Southern District of Florida.

Commentary

This is the latest in a string of DOJ money laundering charges against individuals involved in all aspects of bribery, be it paying, facilitating, or receiving a corrupt payment. This action is notable given the flow of funds through entities and banks in multiple jurisdictions and for the evidently high level of international cooperation the DOJ received in collecting evidence.

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