Culture Ship seized in $1.3 billion cocaine bust belongs to JP Morgan Chase - Oy vey!!

Ahriman

Vivere Militare Est.
kiwifarms.net
Source.
Another source.

PHILADELPHIA (AP) — U.S. Customs authorities have seized a cargo ship where agents discovered nearly 40,000 pounds, or almost 18,000 kilograms, of cocaine when the vessel arrived in Philadelphia last month, U.S. Attorney William McSwain announced Monday.

The ship is owned by a fund run by banking giant JPMorgan Chase, which does not have any operational control of the vessel, according to CNN.

Customs and Border Protection officials obtained a warrant Thursday and seized the MSC Gayane, owned by Swiss firm Mediterranean Shipping Company, McSwain said.

“A seizure of a vessel this massive is complicated and unprecedented — but it is appropriate because the circumstances here are also unprecedented. We found nearly 20 tons of cocaine hidden on this ship,” McSwain said. “When a vessel brings such an outrageous amount of deadly drugs into Philadelphia waters, my office and our agency partners will pursue the most severe consequences possible against all involved parties in order to protect our district — and our country.”

Law enforcement agents boarded the ship in June and discovered the cocaine, which has a street value of almost $1.3 billion, according to CNN.

The bank has yet to comment, according to CNN.

The ship is subject to possible forfeiture to the U.S.

MSC is one of the world’s largest shipping lines in terms of containers, and has not been accused of any wrongdoing. A spokesman for MSC said the company would have no immediate comment.

At least six crew members have been charged with conspiracy to possess cocaine aboard a ship. The federal investigation continues.

Gayane is at least the third ship in Mediterranean Shipping Company’s fleet to have been raided by U.S. authorities this year.

In February, customs agents seized the largest shipment of cocaine intercepted at the port in Newark, New Jersey, in nearly 25 years — about 3,200 pounds, or 1,451 kilograms — from a container aboard the MSC Carlotta.

In March, law enforcement agents searched a container offloaded from the MSC Desiree at Philadelphia’s port and found 13 large duffel bags stuffed with 1,185 pounds, or 538 kilograms, of cocaine. At the time, it was the largest cocaine seizure at the port in more than 20 years.

Company officials did not reply to questions Monday about drug smuggling aboard the ships. Last month, MSC said in a statement that “unfortunately, shipping and logistics companies are from time to time affected by trafficking problems. … MSC has a longstanding history of cooperating with U.S. federal law enforcement agencies to help disrupt illegal narcotics trafficking.”
Wow that's one hell of a drug bust.
 

dreamworks face

Model bugman
kiwifarms.net
I'd say this was similar to what happened to Wachovia back in the day before it merged with Wells Fargo, but Wachovia (AFAIK) wasn't directly smuggling cocaine, it was just allowing drug smugglers to launder money. I guess JP Morgan Chase decided to cut out the middle man and smuggle the drugs and launder the money itself - brilliant. I wonder what Chase is going to rename itself in a few months....
 

Slappy McGherkin

Let me introduce you to coulrophobia.
True & Honest Fan
kiwifarms.net
The ship is (or was , if the government seizes it) just an asset in an investment fund, that's all. Ain't like Jamie Dimon was personally captaining the ship, or maybe he was? <kidding>

"JP Morgan Chase which does not have any operational control of the vessel."

Kind of like leasing a car and the lessee gets popped with dead hookers and dope in the car. Isn't the leasing company's fault, but they take the $$$ hit for the asset loss and have to pursue replevins to try and recover the money from the lessee.

Will be interesting to see what the government does with the ship in this case. Some serious dollars at stake here.

:thinking:
 

W00K #17

Boy Man God Shiiiit
kiwifarms.net
I'd say this was similar to what happened to Wachovia back in the day before it merged with Wells Fargo, but Wachovia (AFAIK) wasn't directly smuggling cocaine, it was just allowing drug smugglers to launder money. I guess JP Morgan Chase decided to cut out the middle man and smuggle the drugs and launder the money itself - brilliant. I wonder what Chase is going to rename itself in a few months....

Chase The Dragon
 

Wraith

Made pure again from the hardest game on earth.
kiwifarms.net
Why is everyone upset? I don't get it. Isn't this like only one month's dosage for Charlie Sheen?
 

EasyPeasy

Tommy Robinson MEP is innocent
kiwifarms.net
Kinahan Cartels I bet.
They have been losing tonnes lately
Daniel 'Cancer' Kinahan and his Dad Christy are still holed up in Dubai.
 
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The Last Stand

The Dilettante
True & Honest Fan
kiwifarms.net
And they would be able to smuggle all of that in urban cities, worsening the crime rate. Yeesh.
 
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