Cartier Jewelry Heir Allegedly Tried to Import 100 Kilos of Cocaine
Cartier’s indictment showed that he allegedly employed shell companies, presenting them to financial institutions as legitimate software and technology businesses, and used these companies’ accounts as unlicensed money transmitters.
It was also revealed that the Cartier Jewelry heir and his Columbian accomplices allegedly managed to launder $14.5 million worth of USDT stablecoin before their arrest. He is currently awaiting sentencing at a Miami detention center and faces four counts of criminal misconduct while his accomplices are being held in Colombia
Stablecoins like USDT can be used for money laundering due to their relative stability compared to other cryptocurrencies, making them suitable for storing and transferring funds without the price volatility of assets like Bitcoin. Additionally, the pseudonymous nature of cryptocurrency transactions can make it difficult to trace the source and destination of funds.
In light of the charges US Attorney Damian Williams commented that the DoJ is committed to combating criminal activities.
“The charges brought today demonstrate this Office’s commitment to prosecuting international dru g traffickers and piercing complicated money laundering networks seeking to exploit the US financial system,” said Williams
It could be recalled that Hoop Cartier was initially arrested on February 22, 2024, in Miami, Florida, and presented before a US Magistrate Judge in the Southern Districts of Florida.
His charges included operating an unlicensed money remitter, transacting in property derived from illegal activities, money laundering, and conspiracy to commit money laundering
