October 16, 2019

Miami-based financial advisor pleads guilty to conspiracy to launder money in connection with FCPA violations

On October 11, 2019, Frank Chatburn Ripalda, a financial advisor based in Miami, Florida, pleaded guilty to conspiracy to commit money laundering and conspiracy to violate the FCPA in connection with his participation in a scheme to bribe officials of PetroEcuador (Ecuador’s state-owned oil company).  

In his plea, Chatburn admitted to conspiring with an oil services contractor to pay nearly $3 million dollars to PetroEcuador officials, using shell companies and bank accounts in the US, Panama, Curacao, Switzerland and the Cayman Islands to conceal the payments.  Chatburn also admitted to conspiring with another Ecuadorian government official to conceal bribes intended for that official from Odebrecht, S.A. (the Brazilian construction conglomerate).

Chatburn is the tenth individual to plead guilty based on participation in bribery and money laundering schemes in connection with PetroEcuador.

DOJ press release | Indictment