Colombian Businessman Charged with Money Laundering Extradited to the United States from Cabo Verde
Alex Nain Saab Moran, 49, a Colombian citizen, will make his initial appearance in federal court in Miami, Florida, today after being extradited from the Republic of Cabo Verde.
Saab is charged in an indictment with laundering the proceeds of violations of the Foreign Corrupt Practices Act (FCPA) in connection with a scheme to pay bribes to take advantage of Venezuela’s government-controlled exchange rate.
He is expected to make his initial court appearance today at 1:00 p.m. before U.S. Magistrate Judge John J. O’Sullivan of the U.S. District Court for the Southern District of Florida.
The indictment specifically alleges that Saab and Alvaro Pulido Vargas, aka German Enrique Rubio Salas, 55, also a Colombian citizen, conspired with others to launder the proceeds of an illegal bribery scheme from bank accounts located in Venezuela to and through bank accounts located in the United States.
According to the indictment, Saab and Pulido obtained a contract with the Venezuelan government in November 2011 to build low-income housing units. The defendants and their co-conspirators then took advantage of Venezuela’s government-controlled exchange rate, under which U.S. dollars could be obtained at a favorable rate, by submitting false and fraudulent import documents for goods and materials that were never imported into Venezuela and bribing Venezuelan government officials to approve those documents.
As a result of the scheme, Saab and Pulido transferred approximately $350 million out of Venezuela, through the United States, to overseas accounts they owned or controlled.
On June 12, 2020, Saab was detained in the Republic of Cabo Verde, an archipelago nation west of continental Africa, at the request of the United States. The United States thereafter submitted a formal extradition request, which Saab opposed.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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