This week's report of the indictment of two accused money launderers, one financial executive from Switzerland, RALPH STEINMANN and the other from Argentina, LUIS FERNANDO VUTEFF, serves to remind us that the massive Miami Federal case involving the Government's primary witness, Swiss banker MATTHIAS KRULL, keeps expanding with new defendants, as the global investigation continues to develop new leads.
Krull, who received an extraordinary 65% reduction in his ten-year sentence, will actually be released from FCI Miami next year, serving only a small fraction of the punishment originally meted out to him, has been linked to the Malta office of PORTMANN CAPITAL MANAGEMENT LIMITED, but little else has been disclosed. Obviously, that portion of the case remains under active investigation, and therefore details about the targets are not publicly known.
Krull, by serving his short sentence in Miami, where his family resides, is therefore readily available to investigators pursuing additional targets. Most criminal defendants are designated by the Bureau of Prisons to serve their sentences far from home, indicating that his worth as a witness, and source of additional substantial assistance, is so valuable that the US Attorney in Miami was able to keep him close.
Whilst a number of money launderers have been arrested and convicted in the case thus far, we have no information regarding defendants who reside outside the United States, and who have sealed indictments pending against them, which have yet to result in their arrests or extradition from abroad.
Here is the relevant information from the press release of the US Attorney for the Southern District of Florida:
Two Financial Asset Managers Charged in Alleged $1.2 Billion Venezuelan Money Laundering Scheme
( US Attorney's Office Press Release July 12, 2022)