Drug Money Car Dealers Arrested

The DEA announced the arrest of two individuals in Newark last week, a father and son money laundering team. The pair, principles in GT Motor Sport, are accused of using the dealership to clean what they thought was dirty money from cocaine sales. In fact, the money was provided by DEA agents.

The story starts in April, when an agent from the IRS approached the father, Gilberto Teixeira Sr. at the dealership, posing as drug trafficker wanting to buy a car off the books for cash. The senior Teixeira offered to create a deal where the car, a BMW would be purchased for $9,000 (under the reportable $10,000 floor) and then held on the books as a loan. That way, if the fed seized the automobile, it would revert back to the dealership instead of being held by the police as part of a drug forfeiture.

The deal was structured with cash up front and false paperwork, including putting the loan in the “drug dealer’s” girlfriend’s name. This same sting was repeated in October, only this time, the son instead of the father made the deal. This month, both were arrested.

Documents were never filed by the dealership for either of the two cash transactions – an IRS requirement. The pair could face up to 20 years in prison for the crimes if they are found guilty.

Although it sounds like entrapment, the type of deal this auto seller offered isn’t uncommon in communities where drug dealers ply their trade and spend their money. It isn’t simply a matter of convenience for a business to skip the paperwork, they know what’s going on. In fact, the sales price reflected more than $10,000 extra to handle the dirty money. Clearly, they know they are participating in a crime.

The purpose of busting business owners who skirt the financial laws is at least partly to send a message to those willing to participate in the underground, drug money economy. The message is: Watch out, because we are watching too.

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