Heir of French luxury brand Cartier arrested for attempted money laundering using USDT

Successor of French luxury brand Cartier arrested for attempted money laundering using USDT

2024-05-06 11:51:06 Eastern Standard Time

The US Department of Justice (DoJ) has arrested Maximilien de Hoop Cartier, heir to the luxury brand Cartier.

Around May 2nd

indictment

The suspect is charged with drug trafficking and money laundering using the popular stablecoin Tether (USDT).

The defendant, a direct descendant of Louis Cartier, founder of the luxury watch, necklace and bracelet manufacturer, is said to have been involved in a Colombian drug cartel.

Cartier attempted to import 100 kilograms of cocaine and laundered millions of dollars through over-the-counter USDT transactions.

How did Cartier conduct its business?

Cartier hired several shell companies to conduct its business.

These companies were reported as software and technology businesses. Using these corporate accounts, the defendants laundered hundreds of millions of dollars worth of illegal proceeds through USDT, dollars, pesos, and other currencies.

According to the indictment, Cartier used shell companies as unauthorized money transfer companies. Before his arrest in Miami, he and five other accomplices had successfully laundered 14.5 million USDT.

Cartier is currently in a Miami detention center awaiting sentencing and will be charged with four counts of misconduct. Charges include operating an unlicensed money transmitter, dealing in property derived from illegal activities, money laundering, and conspiracy to commit money laundering.

Tether’s efforts to fight crime

The charges largely follow the Tether case.

announcement

It announced on May 2nd its plans to develop tools to monitor secondary market activity.

Blockchain intelligence company Chainaracy will lead the development of the new tool. This solution will enable stablecoin issuers to identify transactions that may be related to illegal categories such as terrorist financing.

Tether has been actively working alongside the law to crack down on fraudulent transfers using USDT.

According to Invezz on April 23rd

report

the stablecoin issuer has vowed to freeze assets related to PDVSA.

The decision follows reports that Venezuela’s national oil company plans to use USDT to circumvent US sanctions.

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Successor of French luxury brand Cartier arrested for attempted money laundering using USDT

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