Alleged Money Laundering Scheme Involving Descendants of Cartier Jewelry Dynasty Uncovered

In a shocking turn of events, federal prosecutors have charged three Colombian nationals and a purported direct descendant of the renowned Cartier watch and jewelry-making family with orchestrating a massive money laundering operation. The indictment, unsealed by the U.S. Attorney’s Office for the Southern District of New York, paints a picture of a sophisticated network that allegedly laundered hundreds of millions of dollars, including funds derived from drug trafficking.

The individuals named in the indictment are Maximilien de Hoop Cartier, Leonardo De Jesus Zuluaga Duque, Erica Milena Lopez Ortiz, and Felipe Estrada Echeverry. Prosecutors allege that these four individuals were part of a network that utilized a complex system of money laundering brokers and shell companies in the United States, Colombia, and other locations to launder the proceeds of their illicit activities.

According to the indictment, the network is accused of laundering millions of dollars worth of the stablecoin Tether (USDT), which prosecutors claim was directly derived from drug trafficking. The indictment alleges that between May 2023 and November 2023, the defendants used this network to launder approximately $14.5 million in Tether.

Maximilien de Hoop Cartier, the alleged descendant of the Cartier dynasty, is accused of operating an over-the-counter (OTC) cryptocurrency exchange while controlling and operating U.S.-based shell companies that held bank accounts at various financial institutions. Prosecutors allege that Cartier misrepresented the true nature of these shell companies’ business activities, claiming they were involved in software or technology when, in reality, they were being used as an unlicensed money transmitting business related to the cryptocurrency exchange.

The indictment further states that from January 2020 to the present, Cartier’s unlicensed money-transmitting business executed hundreds of millions of dollars worth of unlawful transactions and laundered hundreds of millions in criminal proceeds, including drug trafficking proceeds, in collaboration with the other defendants.

This case highlights the ongoing efforts of law enforcement to crack down on the use of cryptocurrency and shell companies to facilitate money laundering and other illicit financial activities. As the digital landscape continues to evolve, authorities remain vigilant in their pursuit of those who seek to exploit these technologies for nefarious purposes.