Money-laundering Operation Broken, Federal Officials Say
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Money-laundering Operation Broken, Federal Officials Say

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U.S. Customs officials yesterday said they have broken up a major international money-laundering operation that funneled hundreds of millions of dollars through U.S. banks to Colombian cocaine cartels.
The case is "one of the largest drug money-laundering cases ever," said Carol Hallett, commissioner of Customs. It involved the issuing of 30 search and seizure warrants and 35 arrest warrants in the last two days and stopped an organization that at its peak was laundering $ 60 million a month, she said.
A total of 50 people were named in indictments from at least five states, the Justice Department said. Most will face charges of racketeering, conspiracy and money laundering, and the ringleaders could face life in prison without parole, Lincoln Almond, U.S. attorney in Rhode Island, told the Associated Press. Much of the money was laundered in Rhode Island banks, Almond said.
Two of the three alleged leaders of the organization have been arrested. Stephen Saccoccia was arrested Sunday evening in Geneva while Barry Slomovits was taken into custody yesterday in New York. A third figure, Duvan Arboleda, who operated out of Miami, was the conduit for the Colombian drug cartels, officials said. He is now believed to be in Colombia. Saccoccia's wife, Donna, was also arrested in Geneva.
The investigation was the latest phase of "Operation Polar Cap," a widely publicized drug investigation that began two years ago and has uncovered the existence of an international money-laundering network known as "La Mina." A number of federal agencies, including the Internal Revenue Service, the Drug Enforcement Administration, and the Justice and Treasury departments are cooperating in the investigation.
The most recent case began to come together about four months ago when key wiretaps were placed on Saccoccia and Arboleda, who often had daily telephone conversations with each other and with their money couriers, officials said. In addition to wiretaps, the case involved undercover agents and confidential informants in a number of states, officials said.
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U.S. Customs officials yesterday said they have broken up a major international money-laundering operation that funneled hundreds of millions of dollars through U.S. banks to Colombian cocaine cartels.

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