Son of a… Comptroller General Pleads Guilty in a Money Laundering Scam
John Polit, a former banker and son of an Ecuadorean official, pled guilty on Nov. 12 to helping his father launder bribery proceeds. Photo credit: Facebook.
John Christopher Polit, 43, of Miami, pleaded guilty on Nov. 12 to charges related to an international money laundering and bribery scheme, according to a DOJ press release. John Polit is a former banker and the son of Carlos Roman Polit Faggioni, 73, a citizen of Ecuador who was sentenced to 10 years in prison on Oct. 1 for his part in the scheme.
Violations, Fines and Bribes
Carlos Polit served as Ecuador’s comptroller general from 2007 to 2017, a position created to investigate and report the misuse of public funds. From 2010 to 2014, while in that position, he took bribes from the senior manager of Odebrecht, a construction conglomerate based in Brazil. You can read about The Daily Muck’s coverage of that case here. Odebrecht previously pled guilty to the scheme in 2016.
In exchange for millions of dollars in payments, Carlos Polit helped Odebrecht avoid paying significant construction-related fines and assisted in securing contracts to conduct business in Seguros Sucre, according to his indictment. To conceal the payments, Carlos Polit promised Odebrecht that he had family in Southern Florida that could “make the cash disappear.” One of these family members was his son, John Polit.
Laundering Money on Dad’s Behalf
From 2010 to 2018, John Polit worked with co-conspirators to accept bribes that benefited Carlos Polit, according to a factual proffer. John Polit laundered funds through Panamanian bank accounts of other intermediary companies to cover the money trail. He then transferred the money from those accounts to bank accounts in Florida.
He also used Florida-based companies, registered in the names of associates– some of whom were unaware that their names were being used– to launder funds received by Odebrecht, according to the DOJ press release.
Real Estate, Restaurants and Dry Cleaning
John Polit used these Florida-based businesses to buy real estate in South Florida and other areas and fund renovation projects, according to court documents. In one case, John Polit made a $1.4 million profit on a $2.6 million residential property he bought and renovated.
John Polit also purchased other businesses, such as a dry cleaner and some restaurants, to further launder the money, as detailed by the DOJ press release. John Polit admitted to laundering about $16,510,000 as a result of his father’s bribery scheme, according to court documents.
John Polit pleaded guilty to one count of conspiracy to commit money laundering, according to his plea agreement. His sentencing hearing is set for Jan. 30, 2025, according to the DOJ press release. He could face a maximum of 10 years with three years of supervised release and a fine of up to $250,000.
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