Miami Financial Adviser Pleads Guilty in Petroecuador Money Laundering Case

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A Miami financial adviser pleaded guilty for his role in an international money laundering scheme where top officials of Ecuador’s state oil company allegedly used some of the proceeds to buy South Florida real estate.

Jose Larrea pleaded guilty in Miami on Tuesday before a U.S. District Judge to one count of conspiracy to commit money laundering, according to a release from the U.S. Attorney’s office. The plea is part of an ongoing investigation into an extensive bribery scheme used to pay several Petroecuador and other Ecuadorian government officials in order to secure contracts, according to a court motion.

Larrea admitted to conspiring with his co-defendant, Frank Roberto Chatburn Ripalda, a dual U.S. and Ecuadorian citizen who also lives in Miami, as well as others to conceal the proceeds of the scheme, including bribes paid to Petroecuador officials, the release said.

Read the original article here: therealdeal.com


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