A 52-year-old Mexican national has pleaded guilty to his role in a two-year, multimillion-dollar trade-based money laundering conspiracy to move drug trafficking proceeds through Texas to Mexico, according to the Department of Justice.
Gerardo Ramirez, 52, of Mexico, pleaded guilty in federal court in Birmingham, Alabama, to conspiracy to commit money laundering, specifically engaging in a Black Market Peso Exchange (BMPE) scheme.
The scheme, which operated from 2020 to 2022, involved Ramirez and others using a complex network of shell companies and bank accounts to launder millions of dollars in drug proceeds from Mexico to the United States.
According to the indictment, Ramirez and his co-conspirators used a variety of methods to launder the money, including purchasing goods in the United States and shipping them to Mexico, where they were then sold for cash.
The indictment also alleges that Ramirez and his co-conspirators used the BMPE scheme to launder more than $5 million in drug proceeds.
Ramirez is scheduled to be sentenced on April 12, 2024, and faces a maximum penalty of 20 years in prison and a fine of up to $500,000.
The case was investigated by the Department of Homeland Security, Immigration and Customs Enforcement, and the U.S. Drug Enforcement Administration.
The guilty plea was announced by the U.S. Attorney’s Office for the Northern District of Alabama.
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Key Facts
- State: Alabama
- Agency: DOJ USAO
- Category: Drug Trafficking|Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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