Money Laundering Indictment of Former Ecuadorian Oil Executive Targets Six South Florida Properties

No Comment 39 Views

Federal prosecutors are seeking to seize four homes, an apartment building and a motel in Miami-Dade and Broward counties following the indictment of a former high-level Ecuadorian oil executive on money-laundering charges.

Marcelo Reyes Lopez, 53, a former contracts executive with state-owned Petroecuador, was arrested in South Florida on Oct. 12. Prosecutors allege he participated in a conspiracy to launder proceeds of a “foreign bribery scheme that violated provisions of the Foreign Corrupt Practices Act.”

On Oct. 26, prosecutors placed liens on six area properties and petitioned the court to approve a seizure order, arguing that they were purchased with illicit funds.

According to media reports, Ecuadorian Attorney General Carlos Baca Mancheno said the charges on which Lopez was arrested in the U.S. are separate from ongoing investigations in Ecuador. He added that those investigations will continue, and will possibly lead to a request for extradition, according to reports by El Comercio, one of Ecuador’s largest newspapers.

Read the original article here:

Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions