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Banks Financing Mexico Gangs Admitted in Wells Fargo Deal

June 30, 2010
Michael Smith

Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.

They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.

The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.

The story continues …..

One Comment leave one →
  1. Ross Wolf permalink
    June 30, 2010 10:17 am

    What this article missed is that the Drug Cartels may not always come through a Bank’s front door to launder drug money.

    Historically mafias get tips on corporate employees at mid and high level positions that have weaknesses, such as illegal-drug use, gambling, owe debts to the wrong people, get information about an executive’s secret perverted behavior and obsessions to extort and bribe them, including in banks to assist in money laundering and other crimes. When banks don’t know a mid or high-level employee has these weaknesses, it can be difficult to prevent those persons participating in drug-money-laundering and other crimesat their bank. Common sense dictates that for a foreign drug cartel to move huge amounts of cash in any U.S. bank, someone inside the bank above mid level, has to get personally involved.

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