Archive for December 21st, 2015

A Priceless Detention Order Related To PDVSA Graft

December 21, 2015
View this document on Scribd

The above detention order is simply priceless. I can only imagine how, Cesar Batiz, Setty and Alek Boyd feel when they read it. They pioneered the subject and went after these people relentlessly. They are now reaping the fruits of their labor.

My understanding is that the indictment of Rincón itself is sealed, but the detention order and the Judge’s reasons for not giving bail are simply priceless.

To wit:

-Defendant Rincon-Fernandez (Rincon) is a Venezuelan national charged with violating the Foriegn Corrupt Practices Act and conspiring to launder money.

-The indictment charges that Rincon and his co-defendants set up several schemes to obtain contracts with PDVSA. In al schemes bribes were paid to PDVSA officials to get Rincon affiliated companies on the short list of companies which were entitled to bid for PDVSA contracts.

-Rincon also bribed individuals to put non-competitors on the short list.

-The investigation covered 730 bank accounts (how many do you have?), of those, 10% were realted to Rincon, his family and his companies. The indictment seeks forfeiture of three Swiss bank accounts. While the government has traced $100 million from the scheme into those Swiss accounts, it can not trace outgoing funds due to Swiss banking law secrecy.

-From 2009 through 2014, over one billion dollars was traced to this conspiracy. Of that amount, $750,000,000 was traced to Rincon between 2010 and 2013.

One billion dollars!!!

And I note that during at least part of this period:

Chávez was alive and President of Venezuela!

Rafael Ramirez was President of PDVSA!

Jorge Giordani was both Minister of Finance and Planning and a member of the Board of PDVSA!

Luisa Ortega was prosecutor!

And during all this time, there were many denunciations of this corruption and NOBODY in Venezuela did anything, including Chávez, Ramirez, Giordani and Ortega.

What will the last three say now?

Chavismo is simply too much…This is stuff of movies and fiction, live from Bolivarian Venezuela…

And here is the arrest warrant, released the next day

View this document on Scribd