Banker to Venezuela kleptocrats turns star witness

A Swiss banker convicted in U.S. for facilitating looting of Venezuela's state coffers is breaking his silence and revealing what he kws about corruption in South American country.

Matthias Krull was for years go-to banker for government insiders as he of Julius Baer Group's office in Caracas.

Over 14 years he estimates having brought in more than $1 billion in deposits to Zurich-based bank. Among his would-be clients were President Nicolas Muro's stepsons.

But in 2018 his charmed life came to an abrupt end when he was arrested on money laundering charges at Miami's international airport while vacationing with his family.

discreet banker n began his second act as all-star witness to a federal criminal investigation kwn as Operation Money Flight.

Court documents unsealed this month show that Krull's assistance mapping out how Venezuelan kleptocrats stole billions in oil wealth was rewarded when a judge slashed by 65% a 10-year sentence.

That's one of biggest reductions ever recorded in Miami federal court.

Krull spoke to AP over several months about his former clients and responsibility of his manrs in turning a blind eye to proliferating corruption in Venezuela.

He said he regrets t having cour to blow whistle on corruptions when he was asked by a longtime client in 2016 to help launder proceeds from a $1.2 billion embezzlement scheme at state-run oil company PDVSA.

But he said he never acted alone and is being me fall guy for a private banking system built on secrecy and a drive for profits that was taken vant of by corrupt actors.

He cited example of a Julius Baer office in Europe that opened an account for a Venezuelan client even after he warned his colleagues businessman was under intense media scrutiny for corrupt ties to Muro.

On ar occasion his manrs decided to keep open personal accounts of several individuals who y learned were under investigation by U.S. prosecutors.