US authorities have sentenced Juan Ribas Domenech, an Ecuadorian and Italian national, to 51 months in prison for a bribery and money laundering scheme. Ribas pleaded guilty to conspiracy to commit money laundering in September 2020.
During 2013-17, Ribas was the chairman of Seguros Sucre, Ecuador’s public surety company and an advisor to the country’s then-president. Ribas controlled who received Seguros Sucre business. Taking advantage of this authority, Ribas accepted over $5 million in bribes for letting three UK-based reinsurance brokers obtain and retain contracts with Seguros Sucre.
Ribas received the bribe money through two reinsurance introducer companies and other intermediaries. He also succeeded in laundering a fraction of the bribe money through the US.
Source: US Department of Justice