Alleged drug lord hid money in Cayman Islands

| 28/04/2010

(UPI): An alleged Mexican drug lord extradited to Texas to face charges of violating drug and racketeering statutes, on Tuesday is accused of moving more than $20 million in US currency into banks in the United States and the Cayman Islands the US Justice Department said Tuesday. Juan Jose Quintero-Payan, 68, of Guadalajara, Mexico, has been fighting extradition since his arrest after a San Antonio grand jury returned an indictment in 2002 and a warrant was issued. The indictment alleges Quintero led a criminal operation that spanned from South America and Mexico to the United States and the Cayman Islands from 1978 to 2002, the Justice Department said.

The indictment outlined the movement of more than $20 million in US currency into banks in the United States and in the Cayman Islands. The document also alleged real estate acquired in Texas and California was related to the drug enterprise’s operations and included ranches, airstrips and residences.

Category: World News

Comments (13)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    This is amo for the USA senate to pass another law against Cayman to try  to shut us down as a tax haven while their banking system is ripe with money laundering and corruption.

  2. Anonymous says:

    The real question is can CI Govt. seize his accounts and get much needed cash (if they are still here)!.  

  3. Anonymous says:

    "Alleged drug lord hid money in Cayman Islands" =  what is the point of this headline?  Are we supposed to feel shame that some bank clerk didn’t pierce this guy’s corporate veil or get straight answers from his dishonest trustees 30 years ago? 

    Safe to assume every crook in the world used "money havens" when they existed as such; this is a part of the Carbbean region’s history we should not so willingly assist to propagate, especially when the islands are insinuated so casually.  

    • Err . . . says:

      But Cayman’s wealth grew on its willingness to accept this type of money in the 1980’s.

      • Anonymous says:

        Sure, all sorts of nefarious things happened before there were rules and procedures…the point is, that is history.  Calling out Cayman on something that happened everywhere, and 30 years before there were proper banking rules, is an old story. 

        Funny how we’ve never seen any articles celebrating how Cayman successfully completed the retroactive due dilligence exercise from a few years ago.  I believe at the time we were the only jurisdiction in the world to have done so.

         

      • Anonymous says:

        ………….and hundreds of bankers and investment advisors all over the world got rich by screwing people over, and dolphins belong in the sea and not in a pool…………

         

        What is your point?

      • So how much did he hide in the UK,US,other carribean islands. i am sick of this bashing Cayman as if we are the only ones that have done it. We are just minnows in a sea of sharks.

  4. No wonder Arizona want to stop illegal immigration, we need to too.

    • Anonymous says:

      The story refers to the movement of Drug money, not the individual, so what do immigration have to do with this.

    • Anonymous says:

      I thought you were going to say it was wrong for us to accept the funds from illegal drug proceeds (assuming the article is correct). But it is obvious where you stand on ethics and prejudices.

       

    • NorthSideSue says:

      Get a grip!  This man did not illegally immigrate to the US.  He illegally put drug money in US and CI banks.

    • frank rizzo says:

      Forget it, what’s the use?