CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

A Wells Fargo personal banker pleaded guilty to helping launder millions of dollars for drug traffickers like the Sinaloa cartel

A Wells Fargo personal banker pleaded guilty to helping launder millions of dollars for drug traffickers like the Sinaloa cartel

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.

Source: https://www.businessinsider.com


MORE NEWS

Uber created a $6.1B Dutch weapon to avoid paying taxes

Uber created a $6.1B Dutch weapon to avoid paying taxes
Uber Technologies Inc., responding to a European crackdown on offshore tax havens, created a $6.1 billion Dutch tax deduction that will help...

LLB Verwaltung (Switzerland) fined $10.6m over tax evasion charges

LLB Verwaltung (Switzerland) fined $10.6m over tax evasion charges
Private bank LLB Verwaltung (Switzerland) has agreed to pay a fine of $10.6m to the U.S. Department of Justice (DoJ) to settle tax ...

Italian tax authorities ask for information on UBS clients

Italian tax authorities ask for information on UBS clients
ZURICH (Reuters) - Italy’s tax authorities have made a request to their Swiss counterparts for information about possible tax evasion by UBS...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA