High-Ranking Venezuelan Oil Official Pleads Guilty to Accepting Bribes

WASHINGTON (Sputnik) - The former counsel for Venezuela's state-owned oil company pleaded guilty in a Miami federal court on money laundering charges in connection with a conspiracy to siphon millions from the state, court documents revealed.

Alvaro Ledo Nass, 43, admitted to taking bribes totaling $11.5 million while serving in senior roles at Petroleos de Venezuela SA (PDVSA), according to the documents released on Wednesday.

As part of a plea deal, Nass admitted to conspiring to commit money laundering, taking bribes in exchange for permitting a false currency transaction in 2014 that swayed several businessmen to loan bolivars at black market exchange rates. When the company paid back the money to the lenders, it did so at a much higher rate, garnering the scheming insiders millions of dollars in profit.

Nass is one of many former Venezuelan officials charged or convicted in the US as part of a multi-year investigation aimed at deconstructing how these individuals stole billions from Venezuela. Called Operation Money Flight, the effort is managed by the Organized Crime Drug Enforcement Task Force, which partners with federal, state, and local officials to prosecute members of drug trafficking enterprises.

Nass faces up to 10 years in prison, 3 years of probation, and fines of up to $500,000, according to court documents.