|Former Julius Baer Group Ltd. banker Mathias Krull|
The organization in which Krull played a central role, allegedly diverted more than $1bn in oil profits from PDVSA, which went to insiders in Venezuela's corrupt government and their families.
Krull will most likely receive a sentence reduction at a later date, after he has assisted the US Attorney's Office, through cooperative court testimony at trial, in obtaining convictions of several other defendants in his case, but it is doubtful that he will be able to shave his 10-year sentence by more than five years. Under current law, he must serve 85% of his sentence, and he faces certain deportation after that, as he is not a US citizen.
It is a positive sign that Krull received the maximum sentence, for many defendants convicted of money laundering or money laundering conspiracy often draw shorter sentences, which do not serve as an effective deterrent.