A Mexican cocaine-trafficking cartel used accounts at Bank of America Corp. BAC -2.09% 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…
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statement describes roughly a dozen transactions since December 2009 in which more than $1.5 million was deposited or withdrawn from two accounts at the bank.
Bank of America hasn’t been accused of any wrongdoing and is cooperating with authorities in the case, according to people familiar with the case.
During a roughly two-year period, according to the FBI agent, the Zetas allegedly funneled about $1 million a month into the purchase of quarter horses, which specialize in sprinting short distances.
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