FBI Says Mexican Cartel Funneled Money Through Bank Of America

A Mexican cocaine-trafficking cartel used accounts at Bank of America Corp. 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.

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statement describes roughly a dozen transactions since December 2009 in which more than $1.5 million was deposited or withdrawn from two accounts at the bank. Read more >>