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Krull was accused by American prosecutors of attempting to move $600 million, but ultimately shifting $60 million. Ten years is he maximum sentence for money laundering in the U.S.  The district judge said Krull may ultimately may serve less if he provides «substantial assistance» in the ongoing investigation, which has links to Venezuelan leader Nicolas Maduro.

«Onboarding» Star

Krull had left Julius Baer in May for Gonet, a smaller Geneva-based private bank. The scandal blew open before the banker, a German native, could start his job. As part of his sentencing, Krull pleaded guilty and agreed to forfeit $600,000 in personal gains from the laundering scheme as well as pay a $50,000 fine.

The banker, who was based in Panama, was known as an «onboarding star» for Latin America at Julius Baer: he always ensured buoyant net new money and enjoyed cozy ties to Venezuela's rich and powerful. He was arrested in Miami in July and agreed to a plead guilty within weeks.

U.S. Deal Imperiled?

For Julius Baer, Krull's sentencing could be dicey because the bank is in the final year of a so-called deferred prosecution agreement in 2015 with U.S. officials. Then, when it agreed to settle a criminal probe over how it helped wealthy Americans cheat on their taxes, Julius Baer had vowed to keep its nose clean until 2018.

A spokeswoman for Julius Baer said the bank has «no indication that these events will have any impact on the deferred prosecution agreement.»