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New Jersey, United States The leader of an international money laundering organization in the Dominican Republic admitted Friday to his role in a conspiracy to commit money laundering, U.S. Attorney Philip R. Sellinger announced. Luis Velázquez Cordero, alias "El Pequeño", 37, pleaded guilty before U.S. District Judge Brian R. Martinotti to count one of an indictment charging him with forming a money laundering conspiracy. Velazquez Cordero was extradited to the United States following his arrest in the Dominican Republic on July 28, 2020. According to documents filed in this case and statements made in court, Velazquez Cordero was the leader of a money laundering organization that used the U.S. banking system to convert more than $80 million in cash from illegal drug sales into checks. The checks were then deposited into US bank accounts so that the money could be transferred back to international drug trafficking organizations in the Dominican Republic and other countries. Velazquez Cordero directed the conspirators in New Jersey, New York, and Florida to collect the drug proceeds in cash and cash them for cashier's checks in U.S. banks. He also provided the amount of each check, the payee and the bank accounts into which the checks were to be deposited. The checks were then deposited into the payees' accounts, many of which were controlled by shell companies and used as a means to facilitate the laundering of illegal drug proceeds. The cashier's check scheme was designed to conceal the nature, origin, ownership and control of illegal drug proceeds in order to avoid scrutiny by law enforcement and banking institutions. As part of his plea, Velazquez Cordero also agreed to turn over $1.4 million seized during the investigation, as well as five properties in the Dominican Republic and 10 vehicles, including a Ferrari. The money laundering charge to which Velázquez Cordero pleaded guilty carries a maximum penalty of 20 years in prison and a fine of $500,000 or double the amount involved in the crime, whichever is greater. Sentencing is scheduled for September 14, 2022. This case is part of an operation by the Organized Crime and Drug Enforcement Task Force (Ocdetf). Ocdetf identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a multi-agency, prosecutor-led, intelligence-driven approach.
Velázquez Cordero also agreed to hand over 1.4 million dollars seized during the investigation, five properties in the Dominican Republic, and ten vehicles, including a Ferrari.
New Jersey, United States
The international money laundering organization leader in the Dominican Republic admitted Friday to his role in a conspiracy to commit money laundering, U.S. Attorney Philip R. Sellinger announced.
Luis Velázquez Cordero, alias “El Pequeño,” 37, pleaded guilty before U.S. District Judge Brian R. Martinotti to count one of an indictment charging him with forming a money-laundering conspiracy.
Velazquez Cordero was extradited to the United States following his arrest in the Dominican Republic on July 28, 2020.
According to documents filed in this case and statements made in court, Velazquez Cordero was the leader of a money-laundering organization that used the U.S. banking system to convert more than $80 million in cash from illegal drug sales into checks.
The checks were then deposited into US bank accounts to transfer the money back to international drug trafficking organizations in the Dominican Republic and other countries.
Velazquez Cordero directed the conspirators in New Jersey, New York, and Florida to collect the drug proceeds in cash and cash them for cashier’s checks in U.S. banks.
He also provided the amount of each check, the payee, and the bank accounts in the checks were to be deposited.
The checks were then deposited into the payees’ accounts, many of which were controlled by shell companies and used to facilitate the laundering of illegal drug proceeds.
The cashier’s check scheme was designed to conceal the nature, origin, ownership, and control of illegal drug proceeds to avoid scrutiny by law enforcement and banking institutions.
As part of his plea, Velazquez Cordero also agreed to turn over $1.4 million seized during the investigation, five properties in the Dominican Republic, and ten vehicles, including a Ferrari.
The money laundering charge to which Velázquez Cordero pleaded guilty carries a maximum penalty of 20 years in prison and a fine of $500,000 or double the amount involved in the crime, whichever is greater.
Sentencing is scheduled for September 14, 2022.
This case is part of the Organized Crime and Drug Enforcement Task Force (Ocdetf).
Ocdetf identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a multi-agency, prosecutor-led, intelligence-driven approach.
