The US recovers US$1 billion following the conviction of former Chavista treasurer Alejandro Andrade

Diaz Reus - The story of Alejandro Andrade is one of meteoric rise and spectacular fall. The retired lieutenant, bodyguard and private secretary to the late President Hugo Chávez went from the corridors of the Miraflores Palace to the federal courts of the United States, exposing one of the biggest corruption scandals in Venezuela’s recent history.

A life of luxury financed by the public purse before his capture, Andrade spared no expense. In his golden exile in Florida, the former official lived in a mansion valued at more than US$8 million. His lifestyle included a collection of elite competition horses, high-end watches and a fleet of luxury cars that contrasted sharply with the economic crisis in his home country.

The embezzlement mechanism Andrade’s power was consolidated between 2007 and 2010, when he was appointed National Treasurer. During this period, he took advantage of the exchange control system in place in Venezuela to benefit a select group of privileged businessmen. In exchange for granting them preferential access to billions of dollars of state funds, Andrade received illicit payments that made him a multimillionaire.

The confession and conviction The corruption scheme finally collapsed in November 2018. Before the US courts, Andrade pleaded guilty to money laundering and admitted to having collected bribes totalling US$1 billion.

As part of his agreement with the prosecution, the former official agreed to hand over an equivalent sum in assets and property to the US authorities. He was sentenced to 10 years in prison, becoming the most emblematic figure of the mismanagement of public funds under Chavismo. His case remains the main reference point for investigations into the trail of Venezuelan money abroad.

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