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Elizabeth K. Spahn Editor Emeritus

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Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

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FCPA Blog Daily News

« In Russia, new rules exempt companies from bribery liability | Main | ‘Corruption hunters’ event energizes compliance community »
Wednesday
Oct312018

Procurement officer pleads guilty in sprawling Venezuela oil bribe case

A former procurement officer at Venezuela’s state-owned energy company pleaded guilty Tuesday for his role in an international kickback scheme.

Ivan Alexis Guedez, 47, of Katy, Texas, pleaded guilty in federal court in Houston to one count of conspiracy to launder money.

The scheme involved owners of U.S.-based companies paying bribes to Venezeulan government officials in exchange for business with Petroleos de Venezuela S.A. (PDVSA). 

They were also hoping for faster payments of invoices, the DOJ said

According to Guedez’s plea, he agreed with other PDVSA officials and employees of a Miami-based PDVSA supplier to pay bribes for business to be funneled to the supplier. 

The co-conspirators who worked for the PDVSA supplier also received kickbacks.

Guedez and his co-conspirators concealed the corrupt payments by using fake email addresses to communicate, creating false invoices, and directing bribe payments to a Swiss bank account belonging to a shell company. 

Funds from the Swiss account were then distributed to the co-conspirators, the DOJ said. 

Including Guedez, the DOJ has announced the guilty pleas of 15 individuals in connection with the investigation into PDVSA bribery. 

On Monday, a former executive at Swiss-bank Julius Baer was sentenced to ten years in prison for his role in a billion-dollar scheme to launder money embezzled from PDVSA. 

As part of Guedez's plea deal, he agreed to forfeit the proceeds of his criminal activity.

His sentencing is scheduled for February 20, 2019 in Houston. 

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Harry Cassin is the managing editor of the FCPA Blog.