Thread: Citigroup Will Close Banamex USA, Pay $140 MILLION for Money Laundering

Not only drug cartels, but other terrorist organizations have also used U.S. banks to launder money for their operations. Yep, money laundering has benefited organizations whose primary goal in life is to kill Americans!

Our laws, whether you or I agree with them, are set in place for our protection. Supporting drug cartels and other terrorist organizations is not protecting Americans.

9 accused of laundering $3.6M for drug traffickers

Federal indictment says money was used to buy 35 Cessna planes

By Susan Shroder | 11:43 p.m. July 23, 2015

SAN DIEGO — A Tijuana airplane broker and eight others are accused in a San Diego federal grand jury indictment of laundering $3.6 million in drug-trafficking proceeds through the purchase of 35 Cessnas intended for drug smuggling, the U.S. Attorney’s Office said.

The broker, Vicente Contreras-Amezquita, 44, was arrested last week and appeared Thursday in federal court. In the 200-count indictment, he faces charges including conspiracy and aiding and abetting.

Contreras-Amezquita lived in San Diego when the crimes occurred from 2007 until 2012, prosecutors said in a statement.

His wife, Elizabeth Fregoso-Zamora, also is named in the indictment, along with seven others who are accused of being part of a money-laundering crew.

The indictment said that during the five-year period, the defendants opened 46 different checking and savings accounts in banks in California and five other states with cash deposits totaling $3.6 million.

The individual deposits were all under $10,000 in order to evade federal reporting requirements for currency transactions greater than that amount.

The money was transferred between accounts “in convoluted financial transactions” to facilitate the purchase of the Cessnas and plane parts, including heavy-duty tires for landings at “clandestine” airfields, the statement said.

“Cessna 206s and 210s are types of airplanes preferred by drug-trafficking organizations operating in Mexico because of their reliability, speed and ability to carry heavy payloads over long distances,” the indictment stated.

Contreras-Amezquita is accused of collecting the drug-sale proceeds in various locations, including strip malls, parking lots, fast-food restaurants and airplane hangars.

He remains in custody, with a detention hearing scheduled for July 30. If convicted, he faces a possible sentence of up to 20 years in prison, prosecutors said.

His wife is accused of laundering money, opening bank accounts, making deposits, and making payments for planes from the accounts, the indictment said.

The case was investigated by U.S. Internal Revenue Service Criminal Investigations and the U.S. Drug Enforcement Administration.

http://www.sandiegouniontribune.com/...g-traffickers/

2/18/16

Citigroup plans to exit retail banking in Argentina, Brazil