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How one drug cartel banked its cash in New York City
http://hosted.ap.org ^ | 10/23/2016 | Tom Hays

Posted on 10/23/2016 4:08:33 PM PDT by heterosupremacist

NEW YORK (AP) -- In the photos, Alejandra Salgado and her little brother Francisco look like ordinary tourists strolling the streets of midtown Manhattan. He carries a shopping bag. She wears a white dress, a necklace and a leather tote slung over one shoulder.

But the outings were hardly innocent.

Over two hours, federal agents snapped pictures as the pair visited seven banks, stopping at each one to make cash deposits of just under $10,000 - all from piles of drug money stashed in their bags.

Prosecutors say the flurry of modest deposits was one of the many schemes hatched by Mexican crime cartels trying to bring billions of dollars in drug proceeds back from the United States without attracting scrutiny from banking regulators.

The cartels collect much of their cash proceeds from the U.S. market much the way the cocaine and other drugs come in, by sneaking it across the border.

But using regular banks remains in the mix, said James Hunt, head of the Drug Enforcement Administration's New York City office. The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government. The benefit, he said, is that if investigators do catch onto such a scheme, less cash gets confiscated. The bagmen also often face less jail time.

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Miscellaneous
KEYWORDS: Comment #1 Removed by Moderator

To: heterosupremacist

They should have made a donation to the Clinton Foundation.

All would have been forgiven - no criminal intent.

How does Jon Corzine walk as a free man?


2 posted on 10/23/2016 4:11:12 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: All
Following the cartel's bagman was worthwhile to "gain insight into the practices" of the cartels, said Special Narcotics Prosecutor Bridget G. Brennan, whose office prosecuted the case.

They ought to check gambling meccas. Casino chips are untraceable.

The cartels can buy zillions.....and cash them in around the globe.

3 posted on 10/23/2016 4:36:18 PM PDT by Liz (“Experience is a dear teacher, but fools will learn at no other.” Benjamin Franklin)
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To: heterosupremacist
But using regular banks remains in the mix, said James Hunt, head of the Drug Enforcement Administration's New York City office. The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government. The benefit, he said, is that if investigators do catch onto such a scheme, less cash gets confiscated. The bagmen also often face less jail time.

Banks are wise to that trick.

That's all I'm saying.

4 posted on 10/23/2016 4:41:11 PM PDT by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith...)
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Comment #5 Removed by Moderator

To: heterosupremacist

Making deposits Americans can’t make.


6 posted on 10/23/2016 5:19:41 PM PDT by americas.best.days... ( I think we can now say that they are behind us.)
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To: 2banana

Wow, they were dumber than fence posts. The could have directly deposited the money with HSBC or other Federal Reserve approved banks without the hassle or risk of prosecution. Do you think Comey or Lynch would damage their own revenue streams with prosecution?


7 posted on 10/23/2016 5:32:03 PM PDT by RetiredTexasVet (The Mofia is a private crime family; whereas, the DOJ is the gov't's political crime family.)
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To: 2banana

suspicious - cash wealth

unsuspicious - non-cash wealth

More and more the US cash is converted to US goods, say Coach luxury handbags.

They export the US handbags to Mexico. The handbags are sold for Pesos.

The Pesos are deposited.

In a huge hurry the bags could even be sold for a loss.


8 posted on 10/23/2016 5:42:50 PM PDT by gaijin
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To: RetiredTexasVet

Explain

10,000 or more requires a form to the Feds


9 posted on 10/23/2016 5:45:28 PM PDT by wardaddy (the traitorous GOPe deserves Third of May 1808 if ever a party did....)
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To: 2banana

Why can’t the Cartel just open an Account at HSBC like the Governments of the World do??


10 posted on 10/23/2016 6:18:39 PM PDT by eyeamok (destruction of government records.)
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To: wardaddy
Explain 10,000 or more requires a form to the Feds

Richard Nixon's (Orwellian-titled) "Bank Secrecy Act of 1970" requires banks to report to to the federal government any cash deposits over $10,000. The constitutionality of the Act was upheld by the Supreme Court in 1974, in an opinion by Justice Rehnquist; the court's liberals (Douglas and Brennan) dissented.

11 posted on 10/23/2016 6:30:54 PM PDT by Lurking Libertarian (Non sub homine, sed sub Deo et lege)
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To: wardaddy

Not if you are HSBC. They and several other banks laundered billions for the drug cartels. The FBI investigated and the DOJ indicted no one. HSBC and other banks had their stock holders fined billions of dollars for the violations. Do a search on HSBC fined for money laundering.


12 posted on 10/23/2016 6:47:22 PM PDT by RetiredTexasVet (The Mofia is a private crime family; whereas, the DOJ is the gov't's political crime family.)
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To: RetiredTexasVet

I used to bank overseas with Hong Kong Shanghai Bank

In Zurich Hong Kong Miami NYC and Rimini

They sure didn’t offer me that favor in the USA

I did scores of those type deposits and withdrawals in the 80s and 90s and the IRS came after me declaring it all income

BCCI was the criminal bank then from Kuwait I believe


13 posted on 10/23/2016 11:13:47 PM PDT by wardaddy (the traitorous GOPe deserves Third of May 1808 if ever a party did....)
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To: RetiredTexasVet
Yeah, but you have to be an insider to get away with it.

Not just any Juan, Jose or Manuel can walk in to an HSBC branch and make such a deposit without scrutiny.

14 posted on 10/24/2016 3:28:06 AM PDT by Ken H (Best election ever!)
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