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Philadelphia: US Authorities Seize 20 Tons Of Cocaine Worth $1.3 Billion From Ship Owned By the JP Morgan Bank


Last month, a ship owned by JP Morgan’s asset management unit was seized with almost 20 tons of cocaine that has a street value of $1.3 billion. Six crew members from Serbia and Samoa were arrested. The ship was flying the flag of Liberia, a country in West Africa. The $90 million ship was seized under asset forfeiture.

Topline: In one of the largest drug busts in U.S. history, federal authorities in Philadelphia seized nearly 20 tons of cocaine—worth about $1 billion— last month from a ship owned by JP Morgan’s asset management arm.

  • 19.76 tons of cocaine (that’s an estimated street value of $1.3 billion, according toBusiness Insider) were seized from the ship when it arrived at Packer Marine Terminal in Philadelphia on June 17.
  • The ship, named MSC Gayane,
    is operated by Switzerland-based Mediterranean Shipping Company, but it
    was financed by a transportation strategy fund run by JP Morgan’s asset
    management arm. The ship is leased out to MSC.
  • Six crew members aboard MSC Gayane
    have been arrested and charged with knowingly and intentionally
    conspiring to possess more than five kilograms of cocaine, the Justice
    Department said in a statement.
  • The ship was flying under the flag of Liberia, a country in West Africa, according to online vessel tracking website MarineTraffic.

JP Morgan declined to comment.

U.S.
Attorney William McSwain said in a tweet that the sheer amount of
cocaine could have killed “millions” of people. A federal criminal
investigation into the alleged smuggling operating is ongoing.

“This
is one of the largest drug seizures in United States history. This
amount of cocaine could kill millions—MILLIONS—of people. My Office is
committed to keeping our borders secure and streets safe from deadly
narcotics,” the tweet reads.

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