U.S. Obtains another Guilty Plea to FCPA and Money Laundering in PetroEcuador Case

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Saturday, February 1, 2020
Author: 
Bruce Zagaris
Volume: 
36
Issue: 
2
Abstract: 

On January 23, 2020, Armengol Alfosno Cevallos Diaz (Cevallos), an Ecuadorian businessman living in Miami, Florida, pleaded guilty in connection with a $4.4 million bribery and money laundering scheme that transferred bribes to public officials of Empresa Pública de Hidrocarburos del Ecuador (PetroEcuador), the state-owned and state-controlled oil company of Ecuador.[1]