Stock Groups

Another son of ex-Panama president pleads guilty to U.S. money laundering charge -Breaking

by Mike Robinson

[ad_1]

2/2
© Reuters. FILE PHOTO – Ricardo Alberto Martinelli (son of ex-Panamanian President Ricardo Martinelli) is seen in a car following a hearing in which he was extradited to the U.S. for money laundering charges. This took place in Guatemala City on November 8, 2021. REUTERS/Lui

2/2

NEW YORK, (Reuters) – A Panamanian son President Ricardo Martinelli pleaded guilty Tuesday to a U.S. money laundering case linked to Odebrecht in Brazil. This is the second time that Martinelli’s children have admitted wrongdoing.

Ricardo Martinelli (42), who has the same surname as his father entered his plea at Brooklyn federal Court, New York after he was extradited from Guatemala to the United States on Friday, prosecutors stated.

One count of conspiring to launder money was pleaded guilty by him. After his brother Luis Enrique Martinelli aged 39 pleaded guilty, Enrique pled guilty.

According to the U.S. Department of Justice, the brothers are accused of being intermediaries in the payment of $28 million in Bribes from Odebrecht and a Panamanian Official while their father was President between 2009-2014.

Ricardo Martinelli, the elder Ricardo Martinelli, has been cleared of all charges. However, he is still under investigation in Panama for a different case involving Odebrecht.

In 2016, the Brazilian company pled guilty to money laundering and bribery charges. These were related to more than $700,000,000 in bribes paid to Latin American officials to secure contracts.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]