A Wells Fargo personal banker pleaded guilty to helping launder millions of dollars for drug traffickers like the Sinaloa cartel

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May 17 2019

A Wells Fargo personal banker pleaded guilty on Thursday to knowingly opening bank accounts for people working with the Sinaloa cartel. Thirty-year-old Luis Figueroa of Tijuana admitted he took part in the money-laundering scheme that stretched across the US.

Between 2014 and 2016, money-laundering organizations recruited people who would open bank accounts for the cartel’s drug money, according to the US Attorney’s Office in the Southern District of California. The operation laundered over $19 million dollars in narcotics proceeds.