Venezuela ex-treasurer who took $1 billion in bribes sentenced to 10 years
28 Nov 2018

Venezuela’s former national treasurer, who received over $1 billion (785.11 million pounds) in bribes as part of illicit foreign currency operations, was sentenced by a U.S. judge on Tuesday to 10 years in prison, court records showed.

Alejandro Andrade, who ran the treasury for four years under late socialist leader Hugo Chavez, must surrender to prison by Feb. 25, according to an order by U.S. District Judge Robin Rosenberg in West Palm Beach, Florida. The 120-month sentence was the maximum prison term he faced.

The cases are part of a broad effort by U.S. prosecutors to crack down on the use of the U.S. financial system to launder proceeds from rampant corruption in Venezuela, which has hyperinflation.

– By Vivian Sequera and Luc Cohen, Reuters, 27 November 2018.

Link to Reuters.

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