New Jersey resident Willy Cruz-Bonilla has pleaded guilty to aiding and abetting an illegal money transmitting business.
In 2016-2017, Cruz-Bonilla used over $2.5 million of cash proceeds from illicit drug distribution to purchase over 90 cashier’s checks from local banks. The cashier’s checks were part of a large-scale illegal money transmitting and ML scheme. They were an attempt to evade authorities and conceal the illicit fund source originally located in the Dominican Republic and Colombia.
Cruz-Bonilla may face a prison sentence of up to five years as well as a monetary penalty of $250,000 or double the laundered amount, whichever is greater.
Source: US Department of Justice