On Tuesday, a Mexican businessman from Ciudad Victoria, Mexico, was indicted on money laundering charges. This indictment was as per the long-term investigation for money laundering activities in the United States. The indictment was pursued after a multi-agency Organized Crime Drug Enforcement Task Force U.S. Attorneys Kenneth Magidson, Southern District of Texas, and Robert Pitman, Western District of Texas’ investigation.
On AML Screening Magidson said, “We remain steadfast in our commitment in targeting not only the drug cartels but those who allegedly provide support and service to them,” He added, “This case is another example of our cooperation with various law enforcement agencies and other U.S. Attorney’s offices, including evidence from the government of Mexico in charging those who seek to circumvent the laws of the United States.”
Money laundering indictment
As per court documents, since January 1, 1998, Fernando Alejandro Cano Martinez, the Mexican businessman is charged with conspiracy to launder monetary instruments, As per the indictment Cano Martinez and others conspired to use various means of corporate entities which were formed in Texas. They used these corporate entities to launder part of the bribes paid by the Gulf Cartel to high-level elected officials and candidates for elected office in Tamaulipas, Mexico. Assets primarily Texas real estate worth millions of dollars were allegedly acquired through this strategy.
Bank and property fraud indictment
There was one more indictment against Cano Martinez where he was accused of conspiring to commit bank fraud. The indictment stated that Cano along with his partners had also planned another forgery by submitting false financial information to acquire loans from financial institutions.
During that time Cano’ indictment was returned on May 22, where civil actions were filed by U.S. Attorney’s offices in the Southern and also by the Western Districts of Texas. A civil complaint was filed in Corpus Christi, Texas regarding real property allegedly owned by Tomas Jesus Yarrington Ruvalcaba, who was the former mayor of Matamoros, Mexico, former governor of Tamaulipas, Mexico, and former presidential candidate for Mexico. The civil complaint stated allegedly Yarrington used illicit proceeds to purchase a condominium in South Padre Island, Texas. This purchase of property was done using a third party to conduct the $450,000 transaction and hold the title.
In San Antonio, the Western District of Texas is filing a civil action for a single property that was purchased in 2006 for about $6.6 million. This too was allegedly purchased through illicit funds by Yarrington, Cano and others.
Penalty for money laundering
If convicted for money laundering conspiracy, one can face upto 20-year-term of imprisonment. Cano Martinez will also face an additional five years if convicted of conspiracy to commit bank fraud. The indictment includes a notice of intent to seek a money judgment to an amount of $20 million on each count and forfeiture of Cano’s assets. The assets include an airplane and several bank accounts.
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