According to reports on Business Insider, the United States authorities have confiscated $1 billion worth of Cocaine from a ship owned by JP Morgan’s asset management arm. This is one of the largest drug busts in the United State’s history and it has put the reputation of the legacy firm in murky waters. The cocaine is equivalent to about 20 tons.
U.S Authorities Find 20 Tons Of Cocaine In JPMorgan-owned Ship
As the ship arrived in Philadelphia in the Packer Marine Terminal on the 17th of June, it was intercepted and the cocaine, which has a market value of $1.3 billion was seized. While the ship is operated by a Switzerland-based firm, it is financed by a transportation strategy fund by JP Morgan’s asset management arm.
All the crew members have been arrested. They will be prosecuted by the justice department for intentionally conspiring to transport cocaine. According to William McSwain, the United States Attorney, the quantity of cocaine on the ship was enough to kill millions of people if it circulated. In his words;
“This is among the largest drug busts in the history of the United States. The cocaine that was seized could kill millions of people. The justice department is determined to keep the streets safe and the borders secure from deadly narcotics.”
The investigation is ongoing but this is the first time that this particular ship has been involved in drug trafficking allegations. However, the company that operates the ship, MSC, was involved in drug trafficking earlier this year when authorities found 450 bricks of cocaine in 13 large duffel bags in one of its containers.
At the time of writing, JPMorgan was yet to comment on the drug bust. The company is expected to release a statement before the end of today.