Money laundering organizations recruited people who would open bank accounts for the cartel's drug money, according to US investigators.
The drug money would be deposited in amounts below the threshold for regulatory reporting into"funnel accounts."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, often times stuffed it into"shopping bags, duffel bags or shoeboxes," and then deposit it into Wells Fargo and other banks, the Justice Department said in aThe 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo CEO search hobbled by pay limitations: sourcesWells Fargo & Co's hunt for a new CEO is being impeded by limits on how muc...
Read more »
There are two events ahead that could be big stock market movers, Wells Fargo saysEvery strike in the U.S.-China trade war has captivated markets this month, but the options market may be discounting even more big swings coming down the pipeline.
Read more »
U.S. bank regulator will vet next Wells Fargo CEOA top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co's ...
Read more »
Wells Fargo will need the United States' blessing for its next CEO pickCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Read more »
Wells Fargo and Barclays back fintech company OpenFinFinancial services software startup OpenFin has raised $17 million in a funding ...
Read more »
Here's the pitch deck that hot Wall Street startup OpenFin used to raise $17 million from Barclays and Wells FargoOpenFin used this pitch deck to raise $17 million from investors.
Read more »
A bank regulator said he was tough on Wells Fargo. Elizabeth Warren was not impressedWells Fargo has struggled to convince lawmakers and regulators that it has fixed the corporate culture that led to various consumer abuses.
Read more »
Saving for retirement depends on whether you listen to The Beatles or Bon JoviPreparing for retirement looks a lot different for baby boomers than it does for millenials. A new report from the Wells Fargo Investment Institute, titled 'Reimagining Retirement,' offers tips on how the different generations can be able to comfortably exit the workforce.
Read more »
Wells Fargo CEO search hobbled by pay limitations: sourcesWells Fargo & Co's hunt for a new CEO is being impeded by limits on how muc...
Read more »
Wells Fargo and Barclays back fintech company OpenFinFinancial services software startup OpenFin has raised $17 million in a funding ...
Read more »