SAN DIEGO, CA – Luis Fernando Figueroa, 30, of Tijuana, Mexico, pleaded guilty today to federal money laundering charges, exposing a scheme that funneled nearly $20 million in drug money to the Sinaloa Cartel. Figueroa, a former personal banker at Wells Fargo, admitted to knowingly opening accounts used to wash illicit funds, turning a trusted financial institution into a conduit for criminal enterprise.
The guilty plea marks the culmination of a multi-year investigation by the FBI and the Organized Crime Drug Enforcement Task Force (OCDETF). Figueroa’s arrest in November 2018 was the final piece in a string of indictments targeting eight members and leaders of the Tijuana-based money laundering organization. Six have now pleaded guilty, revealing a sophisticated network designed to move narcotics proceeds across the border.
Between 2014 and 2016, the organization laundered approximately $19.6 million in profits from drug sales on behalf of the Sinaloa Cartel, according to court documents. Figueroa, as a Wells Fargo insider, played a critical role, opening “funnel” accounts for individuals who deposited cash collected from across the country. These ‘couriers’ traveled to cities like Los Angeles, Chicago, and New York, hauling duffel bags and shoeboxes filled with thousands – sometimes hundreds of thousands – of dollars in drug money.
The couriers deposited the cash in increments of $22,000 to $45,000, staying just under reporting thresholds, before the funds were wire transferred to shell companies in Mexico. Figueroa himself participated in these transfers, fully aware of the funds’ illegal origin. From Mexico, the money ultimately reached representatives of the Sinaloa Cartel, fueling their operations. “We can’t allow our banks to be laundromats for cartel cash,” stated U.S. Attorney Robert Brewer, underscoring the severity of the breach.
“Today’s conviction shows the dedication and depth of the FBI’s efforts to dismantle money laundering organizations,” added Suzanne Turner, FBI Acting Special Agent in Charge of the San Diego Field Office. The case highlights the ongoing battle against narcotics trafficking and the crucial role financial institutions play in either enabling or disrupting criminal activity. Figueroa faces sentencing on charges of Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h) and Criminal Forfeiture (18 U.S.C. 981(a)(1).
Assistant U.S. Attorney Blanca Quintero (619) 546-7118 is prosecuting the case, a testament to the ongoing commitment to dismantling these transnational criminal enterprises. The OCDETF partnership continues to focus on identifying and prosecuting high-level members of drug trafficking and money laundering organizations.
Related Federal Cases
- Marijuana Money Man ‘Max’ Anderson Admits to Laundering Millions · Connecticut
- Bameyi Kelvin Omale Charged in $10M BEC Money Laundering Scheme · Texas
- Brooklyn Woman Pleads Guilty to Nationwide Marijuana Trafficking and Money Laundering · New York
- Sinaloa Cartel Money Launderer Ramirez Sentenced 120 Months · New York
- NY Man Charged in $8M Fraud & Money Laundering Scam · Rhode Island
Key Facts
- State: California
- Agency: DOJ USAO
- Category: Drug Trafficking|Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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