Luis Fernando Vuteff. Photo archive
The businessman Luis Fernando Vuteff has been sentenced to two and a half years in prison in Miami for his involvement in a corruption scheme that misappropriated $1.2 billion from the Venezuelan state oil company, Petróleos de Venezuela S.A. (PDVSA). The investigation uncovered connections to the stepchildren of Cilia Flores, the wife of Nicolás Maduro, who allegedly controlled part of the diverted funds. This information has been reported by AP.
At 53 years old, Vuteff was arrested in 2022 in Switzerland under a warrant issued by the United States. According to court documents, he assisted in establishing fake accounts and companies in Scotland to funnel money obtained through a network of corruption and fraud involving high-ranking Venezuelan officials. During an interrogation, Vuteff confessed to feeling “pressured and threatened” upon realizing that Maduro’s stepchildren, known as “Los Chamos,” were beneficiaries of accounts holding over $100 million each.
Luis Fernando Vuteff pleads guilty in the US for looting PDVSA
The operation, part of the US investigation “Money Flight,” revealed how the network diverted funds from PDVSA through a scheme involving fake loans and contracts. Other implicated individuals include businessman Raúl Gorrín, accused of orchestrating the scheme, and Vuteff’s former boss, Ralph Steinmann, both currently fugitives from US justice.
During the hearing, Vuteff’s defense emphasized his cooperation with authorities and his remorse. As part of his sentence, he agreed to the forfeiture of over $4 million in illegally acquired assets, including properties in Miami, Spain, and Paraguay. Judge Darrin Gayles rejected requests for a reduced sentence and sentenced Vuteff to 30 months in prison, highlighting the seriousness of money laundering at the expense of the Venezuelan people.
The Money Flight Operation continues to symbolize the extent of corruption within PDVSA, where misappropriation of funds has severely impacted the Venezuelan economy and led to numerous legal proceedings in the United States and other countries. Vuteff’s sentencing illustrates the international reach of these networks and the determination of justice agencies to dismantle the schemes that have plundered the resources of this South American nation.