Cartier Heir Caught in Money Laundering Scandal Using Crypto Coin USDT (Tether)

  • The United States Justice Department (DoJ) has arrested Maximilien de Hoop Cartier, a direct descendant of Louis Cartier and heir to the Cartier jewelry empire, on charges of money laundering.
  • Cartier allegedly conspired with a Colombian drug cartel to launder proceeds from drug trafficking using Tether (USDT), the largest stablecoin by market capitalization.
  • U.S. Attorney Damian Williams has reiterated the DoJ’s commitment to cracking down on money laundering schemes.

Maximilien de Hoop Cartier, a direct descendant of Louis Cartier and heir to the Cartier jewelry empire, has been arrested by the U.S. Justice Department on charges of money laundering involving Tether (USDT), the largest stablecoin by market capitalization.

Cartier’s Alleged Involvement in Money Laundering

Cartier was arrested in Miami, where he allegedly coordinated with a Colombian drug cartel to import 100 kilos of cocaine and laundered hundreds of millions of dollars, primarily through over-the-counter (OTC) USDT trades. The group successfully laundered 14.5 million USDT before their arrests. Currently, Cartier is held in a Miami detention center, while his co-conspirators are detained in Colombian jails.

The Role of Shell Companies and Cryptocurrency

According to the indictment, Cartier controlled shell companies and misrepresented to financial institutions that they were engaged in software and technology businesses. He then utilized the companies’ accounts as unlicensed money transmitters. Using USDT, dollars, pesos, and other currencies, Cartier allegedly laundered hundreds of millions of dollars derived from criminal activities.

DoJ’s Commitment to Crackdown on Money Laundering

U.S. Attorney Damian Williams highlighted the DOJ’s commitment to crackdown on money laundering schemes. Despite spending most of his life in France, Cartier holds Argentine citizenship. He faces four counts of criminal misconduct, including money laundering, conspiracy to commit money laundering, transacting in property derived from specified unlawful activity, and operating an unlicensed money remitter.

Conclusion

The arrest of Maximilien de Hoop Cartier underscores the increasing scrutiny of cryptocurrency transactions by law enforcement agencies. As the use of digital currencies continues to grow, the need for robust regulatory frameworks to prevent their misuse becomes more critical. This case serves as a stark reminder of the potential for cryptocurrencies to be used in illicit activities and the importance of regulatory oversight in the crypto space.

BREAKING NEWS

Bitcoin-Linked Stocks Plunge as U.S. Markets Slip — ABTC Down 10.02%, HSDT Collapses 36.49%

COINOTAG News, October 17 — U.S. stock market benchmarks...

AAVE Whale Sells 70,000 Tokens for $15.62M to Repay Loan, Deleverages After April Near-Liquidation

According to on-chain data analyst DeBank, a large holder...

XRP: Ripple to Lead $1 Billion SPAC Raise to Amass XRP for New Digital Asset Reserve

According to Bloomberg, Ripple Labs is spearheading a capital...

Grant Cardone’s Cardone Capital Adds 200 BTC (Bitcoin) After Last Week’s 300 BTC Purchase

COINOTAG News reported on October 17 that Grant Cardone,...

RIPPLE LABS LEADS $1 BILLION FUNDRAISE FOR XRP HOARD: BBG

RIPPLE LABS LEADS $1 BILLION FUNDRAISE FOR XRP HOARD:...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img