Ex-Venezuelan Oil Exec Pleads Guilty In $1.2B Fraud Scheme

Law360 (October 31, 2018, 5:22 PM EDT) -- The former finance director for Venezuela’s state-owned oil company pled guilty Wednesday to helping a billion-dollar conspiracy to embezzle money from the company and launder it through “sophisticated false-investment schemes” in the U.S. and abroad.

In a hearing in Miami before U.S. District Judge Kathleen M. Williams, Abraham Edgardo Ortega, 51, pled guilty to one count of conspiracy to commit money laundering for his role in a scheme to pilfer $1.2 billion from Petróleos de Venezuela SA.

His sentencing is set for Jan. 9. He faces up to 10 years in prison.

Ortega is the second of the eight men charged...

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