FBI Says Drug Cartel Used Bank of America to Launder Money

FBI Says Cartel Used Bank of America to Launder Money

The brother of the alleged leader of a Mexican cocaine-trafficking cartel used Bank of America Corp. accounts to invest the organization’s drug proceeds in U.S. racehorses, a FBI agent said.

Jose Trevino-Morales, one of 14 people indicted by a federal grand jury in Texas on June 12, used a personal account and a business account under the name of Tremor Enterprises LLC to buy and sell horses using money generated from cocaine trafficking, extortion and bribery, Jason Preece, a special agent with the Federal Bureau of Investigation, said in a June 11 sworn statement filed in federal court in Dallas.
“The ultimate goal of this money laundering operation was to provide Jose Trevino with apparent legitimate assets purchased and maintained by illegally obtained money,” Preece said. Bank of America isn’t accused of any wrongdoing in the agent’s statement.

Details of the transactions were revealed in a probe of the Los Zetas drug cartel, which according to the filing, funnels thousands of kilograms of cocaine into the U.S. each year. Los Zetas is the biggest drug cartel in Mexico, in geographical presence, and controls 11 states in the country, generating millions of dollars of revenue, Preece said in the statement filed in a bid to gain a search warrant for Trevino’s property.

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Comments
2 Responses to “FBI Says Drug Cartel Used Bank of America to Launder Money”
  1. talktotennessee says:

    This is similar to what Olympus did in their recent fraud investigation and scandal. They allegedly bought failing companies borrowing huge sums of money from their banking buddies to “buy” overvalued companies, down value them to cover their losses from other operations or failures over many years. You can bet the banks knew what they were doing. I don’t know which banks funded Olympus but these big banks are into this stuff layering and dealing with limited corporations to hand off their own risk. Corporations are insulated from liability risk. This was and is the important aspect of corporate personhood granted by our Supreme Court that allows Corporations to both hide and act as individuals without the liability risk inherent to individuals that forces transparency! Call that a coup on their part! Banks have already seized control, people on the street are just not aware yet!
    Anyone who has inside info on the Olympus dealing????

  2. Beth A. says:

    Criminals doing business with criminals.

    So, will the regulators slam hard on this bank that violated the Anti-Money Laundering rules?

    Eh, probably just another wrist slap. Sickening.

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