Mexican Drug Cartel Laundered Millions Via Bank Of America Into U.S. Horse Racing
Jose Trevino Morales, at left, helps lead Mr Polito after the quarter horse won the All American Futurity in 2010. The firm Mr. Morales operates is alleged by the FBI to be a front for a Mexican drug cartel that used Bank of America to launder tens of millions of illicit drug profits.
This is not a surprise. By some accounts, it was cash from drug cartels that helped save the U.S. banking system in 2008. Wells Fargo (via Wachovia) and BofA were busted 2 years ago. Here's a Bloomberg refresher on that story.
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A Mexican cocaine-trafficking cartel used accounts at Bank of America to hide money and invest illegal drug-trade proceeds in U.S. racehorses, the Federal Bureau of Investigation said.
The alleged ties between the violent drug gang known as Los Zetas and the second-largest U.S. bank by assets were described in a 35-page affidavit filed in federal court in Texas last month. According to an FBI agent, a horse-buying and training business created to launder drug money had accounts at the Charlotte, N.C., bank.
A U.S. citizen who is the brother of a top Zetas leader and allegedly served as the front man for the drug cartel's horse operation moved money in and out of one of these Bank of America accounts and a separate personal Bank of America account, the FBI said in the court filing.
The FBI agent's sworn statement describes roughly a dozen transactions since December 2009 in which more than $1.5 million was deposited or withdrawn from two accounts at the bank.
During a roughly two-year period, according to the FBI agent, the Zetas allegedly funneled about $1 million a month into the purchase of quarter horses.
Jul 10, 2012 at 11:01 AM
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