The Cartier Heir Accused of Laundering ‘Hundreds of Millions’ Using USDT Transfers
Prosecutors have brought charges against three Colombian individuals and a supposed direct descendant of the Cartier family associated with the watch and jewelry-making industry for allegedly laundering hundreds of millions of dollars. Here’s what you need to know about this scandal:
The Allegations Unveiled
An indictment filed by the U.S. Attorney’s Office for the Southern District of New York reveals that Maximilien de Hoop Cartier, Leonardo De Jesus Zuluaga Duque, Erica Milena Lopez Ortiz, and Felipe Estrada Echeverry are facing accusations of engaging in a conspiracy to commit money laundering.
- The four individuals are said to be part of a network responsible for washing millions of dollars in Tether (USDT), allegedly sourced from drug trafficking.
- The network made use of money laundering brokers and shell companies in the U.S., Colombia, and other regions to move crime proceeds from the U.S. to Colombia.
The Modus Operandi
The indictment points out that Cartier was running an over-the-counter (OTC) crypto exchange. Besides, Cartier controlled and operated shell companies in the U.S. that held bank accounts with various American financial institutions.
- To open these bank accounts, Cartier provided false information about the Cartier Shell Companies’ business, claiming they were involved in software or technology services while they were actually running an unlicensed money remitting business linked to a cryptocurrency exchange.
- Between January 2020 and the present, Cartier’s unlicensed money-transmitting activities were reported to have processed hundreds of millions in illegal transactions and laundered criminal proceeds, including drug trafficking revenues with Zuluaga Duque, Lopez Ortiz, and Estrada Echeverry.
Stay Informed
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Hot Take: Are Crypto Heists Becoming More Sophisticated?
As authorities unravel complex money laundering schemes involving cryptocurrency, it raises questions about the potential for more intricate financial crimes in the crypto space. Stay vigilant and informed to protect yourself in the ever-evolving landscape of digital assets.
Sources:
– U.S. Department of Justice
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