Former Financial Executive at Inter-American Development Bank sentenced for embezzling more than $400,000

The U.S.  Attorney for the District of Columbia announced Tuesday that Otto Antonio Gutierrez, Jr., the former Chief Administrative Accountant for the Inter-American Development Bank (“IDB”), has been sentenced to 41 months in prison for embezzling more than $400,000 while working for the IDB.  The IDB is a public international organization whose shareholders are the governments of 47 countries, including the United States of America. The IDB’s purpose is to contribute to the acceleration of economic and social development of its regional developing member countries. The IDB relies upon public and private investors to fund its projects through the issuance of interest bearing bonds.

In his position as Chief Administrative Accountant, Gutierrez oversaw the yearly payment of more than $100 million in administrative expenses and supervised as many as 20 other individuals. His embezzlement scheme involved creating fictitious vendor invoices and directing payment into accounts that he controlled.

See the full release here.