Cartier Jewelry Heir Charged With Money Laundering Through USDT

The United States Justice Department has charged Maximilien de Hoop Cartier, a descendent of Louis Cartier, with collaborating with a Colombian drug cartel and laundering drug money using USDT. 

Maximilien was arrested along with five Colombian nationals as he attempted to import 100 kg of cocaine and launder hundreds of millions of dollars. 

Using USDT To Launder Drug Money 

Law enforcement arrested Maximilien and five others after they had laundered over 14.5 million USDT, primarily through over-the-counter (OTC) transactions. Cartier is currently in custody in Miami, while his associates are being held in Colombian prisons. According to the authorities, Cartier, along with Leonardo de Jesus Zuluage Duque, Erica Milena Lopez Ortiz, and Felipe Estrada Echeverry, were members of a drug network that laundered millions worth of drug money using crypto. 

Cartier is also alleged to have made a series of financial offenses, resulting in millions of unlawful transactions. 

“Today’s announcement serves as a reminder that criminals do not fit a certain mold. While Maximilien de Hoop Cartier represents himself as a member of a family associated with wealth and luxury, he stands accused of executing a bank fraud scheme where hundreds of millions in criminal funds were laundered. Both here and in Colombia, he and his co-conspirators allegedly laundered drug-trafficking proceeds to the tune of over $14 million.”

The Money Laundering Network 

Cartier assumed control of several shell companies to carry out his money laundering scheme. He also misrepresented the function of these shell companies to financial institutions, stating they were in the business of software and technology. According to the Department of Justice indictment, the accounts of these shell companies were then used as unlicensed money transmitters. 

According to the DOJ, Cartier has been a member of the money laundering network since 2020 and operated an unlicensed OTC exchange. Cartier’s companies included Bullpix Solutions LLC, Vintech Capital LLC, VC Innovated Technologies LLC, AZ Technologies LLC, Softmill LLC, and Sun Technologies LLC.

From 2020 to the present, Cartier’s unlicensed money-transmitting business laundered millions in illegal transactions and criminal proceeds. The jewelry heir now faces four counts of criminal misconduct, including money laundering and conspiracy to commit money laundering, transacting in property derived from specified unlawful activities, and operating an unlicensed money remitter. 

The use of USDT for money laundering is not surprising as it substitutes directly for dollars. However, unlike bank transfers, USDT can be sent permissionlessly to any user on 16 supported blockchains in seconds. For drug cartels, USDT’s instant and irreversible settlements are quite convenient. USDT’s parent company, Tether, has repeatedly stated that it is working to reduce the use of USDT in criminal and illegal activities.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source link

About The Author

Scroll to Top