Los Angeles-based affiliates of the Sinaloa cartel have partnered with underground banks in China to launder more than $50 million, according to federal authorities.
Federal authorities announced that a five-year investigation uncovered a complex scheme between one of Mexico’s most notorious drug cartels and Chinese individuals in the U.S. who laundered millions of dollars from illicit drug sales.
Lead defendant Edgar Joel Martinez-Reyes, 45, of East Los Angeles, and others allegedly used a variety of methods to hide the money’s source, including trade-based money laundering, 'structuring' assets to avoid federal financial reporting requirements, and the purchase of cryptocurrency. 'Dangerous drugs like fentanyl and methamphetamine are destroying people’s lives but drug traffickers only care about their profits,' said U.S.
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