Today's Date: Add To Favorites   
Maduro ally Alex Saab pleads guilty in a $195M money laundering case
Stock Market News | 2026/09/27 08:48

A close ally of former Venezuelan President Nicolás Maduro long described by U.S. officials as the ousted leader’s frontman pleaded guilty Tuesday to a single count of money laundering tied to an alleged bribery conspiracy to win lucrative government contracts in the South American country.

As part of the plea deal, Alex Saab agreed to cooperate in continuing federal investigations, paving the way for his eventual cooperation against his former protector. He also agreed to forfeit $195 million in criminal proceeds from the corruption scheme.

Saab, 54, was deported in May by Venezuela’s acting President Delcy Rodriguez to the U.S., which has been targeting the Colombian-born businessman for more than a decade.

The money laundering offense carries a maximum 20-year penalty but prosecutors agreed to recommend a sentence at the low end of the recommended range and seek additional reductions should his cooperation prove substantial. Saab was previously charged during the first Trump administration in 2019 and then arrested during a refueling stop in Cape Verde on what the Venezuelan government described as a high-level humanitarian mission to Iran.

But President Joe Biden pardoned Saab in 2023 in exchange for the release of several imprisoned Americans in Venezuela. The deal, part of a failed effort by the Biden White House to lure Maduro into holding a free presidential election, was harshly criticized by Republicans and federal law enforcement officials, who immediately began investigating Saab for other alleged crimes not covered by the narrowly tailored pardon.

“This case sends a clear message: Political connections, wealth and proximity to a corrupt regime will not put anyone beyond the reach of American justice,” said Jason A. Reding Quiñones, U.S. attorney for the Southern District of Florida, who attended Tuesday’s proceedings along with more than a dozen federal agents.

The new indictment centers on contracts for the so-called CLAP program set up by Maduro to provide staples — rice, corn flour, cooking oil — to poor Venezuelans at a time of rampant hyperinflation and a crumbling currency. Saab amassed a fortune through Venezuelan government contracts but became even more valuable to Maduro as U.S. sanctions forced Venezuela to conduct much of its oil sales and foreign trade outside of Western financial institutions.



[PREV] [1][2][3][4][5].. [3260] [NEXT]
All
Securities Class Action
Headline Legal News
Stock Market News
Court News
Court Watch
Legal Interview
Securities Lawyers
Securities Law Firm
Topics in Legal News
Attorney News
Legal Focuses
Opinions
Legal Marketing
Law Firm News
Investment Fraud Litigation
Maduro ally Alex Saab pleads..
Jury convicts Vermont man of..
Trump’s ‘grand conspiracy..
House approves sweeping Russ..
Supreme Court rejects Trump ..
Court rejects Trump's emerge..
Jerry Sandusky appears remot..
Former New Mexico lawmaker p..
Court lets White House conti..
Influencer pleads guilty to ..
Man convicted in murder-for-..
Supreme Court sides with Tru..
How bitcoin and gold went fr..
Court asked to review Texas ..
Judge refuses to block Trump..
David Crowley wins Democrati..


   Lawyer & Law Firm Links
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Lane County, OR DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
Post-Divorce Issues Attorney
   Legal Resource Links
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
 
 
 

The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo