Wells Fargo banker pleads guilty for helping launder cartel drug money
2 replies, posted
https://www.businessinsider.com/wells-fargo-banker-money-laundering-drug-cartel-sinaloa-mexico-2019-5?utm_source=reddit.com
A Wells Fargo personal banker pleaded guilty on Thursday to knowingly opening bank accounts for people working with the Sinaloa cartel. Thirty-year-old Luis Figueroa of Tijuana
admitted he took part in the money-laundering scheme that stretched across the US.
Between 2014 and 2016, money-laundering organizations recruited people who would open bank accounts for the cartel's drug money, according to the US Attorney's Office in the
Southern District of California. The operation laundered over $19 million dollars in narcotics proceeds. The drug money would be deposited into the bank accounts, also known as
"funnel accounts," in amounts below the threshold for regulatory reporting.
Cash couriers would first pick up the drug money, oftentimes stuffed it into "shopping bags, duffel bags or shoeboxes," and then deposit it into Wells Fargo and other banks, the
Justice Department said in a press release. The couriers would split the funds into $22,000 to $45,000 increments and deposit them into the funnel accounts. The money would be wired
to shell companies based in Mexico and then picked up by the cartel.
He faces a maximum sentence of 20 years in prison and a $500,000 fine. Eight other people were arrested and charged in the joint FBI and IRS investigation.
"The couriers would split the funds into $22,000 to $45,000 increments and deposit them into the funnel accounts. The money would be wired to shell companies based in Mexico and then picked up by the cartel. "
And when I try to put $200 in my bank account I get bitched at! Fuck man, I might as well start slinging and becoming besties with these sleazy fucks.
oh hey look, another reason to do something about shell companies that will go completely ignored because they also help political donors launder money to campaigns and the rich to hide their money.
Sorry, you need to Log In to post a reply to this thread.