Bloomberg News - FBI Says Cartel Used Bank of America to Launder MoneySubmitted by Founding Fathers on Mon, 07/09/2012 - 19:15
FBI Says Cartel Used Bank of America to Launder By Joe Schneider on July 09, 2012
The brother of the alleged leader of a Mexican cocaine-trafficking cartel used Bank of America Corp. (BAC) 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.