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 | Enforcement Action Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Enforcement Action Dataset

 
United States of America v. Alvaro Ledo Nass · Multiple Parties' Involvement in Venezuela between 2011 and 2020

Case Information

United States of America v. Alvaro Ledo Nass

Related FCPA Matter:   Multiple Parties' Involvement in Venezuela between 2011 and 2020 Information

Case Information

Initiation Date:    02/24/2023  Information

Prosecuting Agency:    U.S. Department of Justice

Type of Action:    DOJ Criminal Proceeding

Docket or Case Number:    23-cr-20089

Court:    S.D. Florida

Name of Prosecuting Attorneys:   

  • Glenn S. Leon, Chief, Fraud Section, Criminal Division
  • Paul A. Hayden, Trial Attorney, Fraud Section, Criminal Division
  • Markenzy Lapointe, United States Attorney
  • Kurt K. Lunkenheimer, Assistant United States Attorney
  • Nalina Sombuntham, Assistant United States Attorney
  • Joshua Paster, Assistant United States Attorney

US Assisting Agencies:   Unknown

Foreign Enforcement Action/Investigation:   Unknown

Foreign Assisting Agencies:   Unknown

Origin of the Proceeding:    Unknown

Whistleblower:    Unknown

Case Status:    Resolved


Summary  Information

Petroleos de Venezuela S.A. ("PDVSA") was the Venezuelan state-owned and state-controlled oil company.

Alvaro Ledo Nass ("Ledo") served as Secretary of the Board of Directors of PDVSA from November 2012 to November 2014 and as the General Counsel of PDVSA from July 2014 to March 2015.

According to the documents in this case, between 2012 and 2017, Ledo conspired with others to engage is various foreign currency exchange schems using loan contracts with PDVSA that were obtained via bribes and kickbacks. These schemes exploited Venezuela's fixed foreign currency exchange rate, which accorded Venezuelan Bolivars an artificially high value compared to the open foreign currency exchange market. Ledo's role included facilitating payments to co-conspirators, for which he received a portion of the loan proceeds as bribes. In all, Ledo obtained approximately $21,519,050 through his participation in the loan schemes.

On February 24, 2023, the DOJ filed a single count information in the Southern District of Florida against Ledo alleging the he conspired to commit money laundering. On March 29, 2023, Ledo entered into a plea agreement with the DOJ. On June 14, 2023, the court sentenced Ledo to three years in prison to be followed by three years of supervised release and ordered him to pay a criminal fine of $7,500 plus a mandatory assessment of $100. The court separately ordered Ledo to forfeit $11,510,025.

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