Julius Baer sources talk of more than $600 million which were allegedly laundered by Krull. Among his clients were several so-called PEPs, or politically exposed people, and high-risk customers.
The «Miami Herald» wrote in connection with «Operation Money Flight» that money laundering involved tough methods. Thus «Bolichico» Convit arrived for meetings with a pistol in the one hand and an Alsatian on a lead in the other.
Julius Baer: No Risk
Krull used his connections with the German diaspora in Venezuela to rope in clients. When Krull moved to Gonet, finews.com inquired at Julius Baer about Krull’s client monies and the associated risks. His switch to the Geneva bank had absolutely nothing to do with that, the bank said at the time.
It has to be questioned whether this is correct. At the end of 2017, former Goldman Sachs executive Beatriz Sanchez (pictured above) took over from Raitzin as Julius Baer’s Latin America head.
More Than an Accident
Julius Baer’s presented the switch of Krull and four other Latin America staffers at Julius Baer to Gonet as part of Sanchez’s «strategic adjustments» and why the five were no loss. A spokesman for Geneva-based Gonet told finews.asia that Krull hasn’t yet taken up his post at the bank.
For Julius Baer the arrest of Krull in the U.S. is more than just an accident. The Zurich-based private bank’s name is now associated with several corruption and possible money laundering affairs, like for example Fifa, Petrobras and Odebrecht and now PDVSA.
