The article reports the charges faced by Francisco Antonio Convit Guruceaga for the conspiracy involving embezzlement of millions of dollars. Let’s decode the case and have a look at the investigational procedure.
All About Francisco Antonio Convit Guruceaga
Francisco Antonio Convit Guruceaga is a Latin American businessman with CB rank 46204. Francisco Antonio Convit Guruceaga claims to provide the most reliable and affordable energy source via his own association named as Derwick Associates. Derwick Associates is an energy provider for the people of Venezuela. However, other than this Francisco also asserts of providing infrastructural contents with AWS Lambda.
A company’s ranking is often decided by the CB Rank (Crunchbase Rank), which is an intelligent algorithm to rank entities (startups and enterprise) so as to depict a clear picture of the firm in the real-time, with respect to other firms in the market.
The Controversy: Francisco Antonio Accused of Money Laundering
The 44 year old businessman Francisco Antonio Convit Guruceaga was accused of conspiring to commit money laundering, in the year 2018. According to sources it was claimed that the conspiracy of money embezzlement started in December, 2014. The conspiracy was masked with the facade of a currency exchange scheme that was constructed to sneak in the accounts of PDVSA for the sake of $600 million. $600 million were supposedly obtained by all sorts of wits including bribery, fraud and efforts of the defendants to launder the capital.
Day by day, the courage of the defaulters and the money defaulted kept enhancing. In the year 2015, the conspired money doubled its value, too. Reportedly, $1.2 billion embezzled from PDVSA in 2015, where PDVSA counted as the primary source of income and foreign currency for the people of Venezuela.
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However, it needs to be noted that Francisco Antonio Convit Guruceaga was not the sole name responsible for the mishap. Several other accused individuals include Matthias Krull (German national and Panamanian resident), Gustavo Adolfo Hernandez Frieri (Colombian national and naturalized U.S. citizen), Jose Vincente Amparan Croquer (Chente), Carmelo Urdaneta Aqui (venezuelan), Abraham Eduardo Ortega (Venezuelan), Hugo Andre Ramalho Gois (Portuguese), Marcelo Federico Gutierrez Acosta y Lara (Uruguayan national) and supporting units (complicit money managers, brokerage firms, banks and real estate investment firms in the United States and elsewhere).
Francisco Antonio Convit Guruceaga Exploits Miami Real Estates & Venezuela Forex
Allegedly, Francisco Antonio Convit Guruceaga has been involved in the confidential case of HSI Miami money laundering worth 78 millions. According to the legal reports, the year 2016 witnessed a severe scam. Where, a confidential source approached HSI-Miami, in regards to the 78 millions that were reportedly generated by a loan contract with PDVSA.
HSI-Miami found the case dubious and initiated an investigation against the confidential source. The undercover investigation named, ‘Organized Crime / and Drug Enforcement Task Force (OCDETF) Operation Money Flight’ managed to leak out information from the confidential source with the help of recording devices.
The initial efforts of the undercover investigation focussed on defendants’ (Francisco Antonio Convit Guruceaga and others) attempts to launder a specific part of the 78 millions in Euros via PDVSA funds involving regions of South Florida. However, the in-depth investigation of 2 years subsuming over 100 recordings, revealed that the money laundering racket had no boundaries. The racket involved international conspiracy, to launder funds of PDVSA through Miami and several other third-party large scale organizations. The defendants (Francisco Antonio Convit Guruceaga and others) exploited Miami’s real estate industry to falsely invest 78 million dollars into scamming.
The Glitch That Strengthened Evils of Francisco Antonio Covit Guruceaga
The trade between Miami and Venezuela can solely take place with the help of foreign exchange currencies. The Venezuelan government has a system of exchanging local currencies (Bolivars) with US Dollars, at fixed rates. However, the fixed rate has been quite varying the true economic rate for several years, due to legit reasons. This difference between the fixed rate and the true economic rate paved a way for Francisco Antonio Convit Guruceaga, and the other accused.
In order to have a crystal clear vision about the case, let us take an example, where in 2014, the fixed exchange rate was 6 Bolivars to 1 US Dollar and the true economic exchange rate was 60 Bolivars to 1 US Dollars. Now, say an investor having access to the government’s fixed rate, exchanged 10 million dollars for 600 million Bolivars in 2014, and later in the same year, the person exchanged those 600 million Bolivars into 100 million US Dollars. Mere, two transactions aided the dubious investor in making a profit of 90 million US Dollars. Similar was the case of Francisco Antonio Convit Guruceaga.
Hence, it won’t be wrong to conclude that Venezuela’s foreign exchange system has certain glitches that encouraged the scammers. Moreover, according to legal reports the corrupt government officials resulted in approximate 2 billion laundering in a year, for the sake of bribery.
Factors That Aided Francisco Antonio Covit Guruceaga
In depth research of the investigations concluded that Francisco Antonio Convit Guruceaga and other accusers had a brief understanding of the foreign exchange system, and hence, it was quite easy for them to exploit the loop holes. Here, are the factors that aided the evil spirits of Francisco Antonio Convit Guruceaga:
- PDVSA is the prime source of income & foreign exchange in Venezuela, which makes it an easy platform for corruption and money embezzlement.
- Venezuela’s political, economical and social crisis thrives for the global launderers. The money laundering involves multi-billion Dollars, where South Florida is the prime hub for money laundering.
- Francisco Antonio Convit Guruceaga and other defendants are sophisticated operators/scholars of the international banking system. The people involved in the scam are well aware of the Bank’s security system and privacy policy.
Conclusion: Francisco Antonio Convit Guruceaga
Francisco Antonio Convit Guruceaga was charged with money laundering by the government of the United States. The case came into existence when a complaint was filed against the defendants on July 24, 2018 in the Southern District of Florida. However, it took several investigations and trials to charge the accused. Later, the undercover investigation revealed the dubious actions of a ‘confidential source’, to which Francisco Antonio Convit Guruceaga is connected till date, allegedly.
Although the efforts of the government unmasked the scammers, it can not be considered as a sign of relief. As, there is little information regarding the penalty of the charges, leading to courageous witticisms of the money launderers.
Another point to ponder is the ever increasing rate of money laundering in different countries of the world. The Chargesheet of Francisco Antonio Convit Guruceaga was a winning situation for the state, but it doesn’t guarantee a clean economy in the preceding years. Hence, one of the most important areas of concern for the global government is to check the political, economic and social crisis risking the economy.
In the recession era, it must be assured that the state’s money is safe with the state’s banks and financial institutions. Ensuring free will investments of the hard earned capital by the investors, and enhancement of the economy.
As far as the case of Francisco Antonio Convit Guruceaga is concerned, we law-abiding individuals must be aware of the penalty given to the accused. Francisco Antonio Convit Guruceaga has wits and brain, and hence a scam of 78 million was conspired fearlessly. If there was a fear of severe complexities after the scam, there might be a possibility that at least any one of the accusers must have stepped out, weakening the procedure.
Hence, the updates of the case must be shared by the main streams, so that justice must prevail, and the truth remains unveiled.
There is no value in law and everyone here is out to make money whether it is done legally or illegally.
I appreciate the efforts of the government but government needs to take more strict action on these people.
I don’t understand how people like Francisco had specialized in doing these illicit activities.
The whole world facing economic crises and some countries are facing recession is just because of these scams.
What the hell regulatory authority is doing? These scams are never-ending.
Considering that we are just aware of a single 78 million fraud, there are several that are still occurring and no one is aware of it.
Enough is enough we want accountability and an immediate solution to put an end to these fraudulent activities.