Title: “El Pequeno,” Dominican Money Launderer, Admits Role in International Conspiracy

Subheading: Dominican man pleads guilty to leading money laundering organization in New Jersey

On Friday, Luis Velázquez Cordero, alias “El Pequeno,” a Dominican Republic-based money laundering organization leader, admitted his involvement in a money laundering conspiracy in a United States court.

Velázquez Cordero’s Arrest and Charges

• Velázquez Cordero, 37, was extradited to the U.S. following his arrest in the Dominican Republic in late July.
• He was charged with one count of a federal indictment.

Money Laundering Activities

• Velázquez Cordero used various methods to launder money for clients from North America, South America, and Europe.
• The Dominican authorities seized 1.4 million dollars, five Dominican Republic properties, and ten vehicles from Velázquez Cordero during the investigation.

Plea Deal and Penalties

• Velázquez Cordero faces a maximum penalty of twenty years in prison and a fine of five hundred thousand dollars.
• The sentencing is expected to occur in August.

Investigation and Assets Seizure

• This case follows an intense investigation by the U.S. Drug Enforcement Administration (DEA) and the New Jersey State Police.
• The laundered money was often used to buy luxury vehicles and real estate in the Dominican Republic as well as in the United States.

Organized Crime and Drug Distribution

• The international money laundering organization operated through shell companies and was also used to distribute drugs, according to the U.S. attorney Philip R. Sellinger.

Significant Victory for Law Enforcement

• Velázquez Cordero’s arrest and subsequent guilty plea mark a significant victory for law enforcement agencies working to combat money laundering and organized crime in the Caribbean region.

Developing Story

This story is still developing, and additional details will be released as they become available. Stay tuned for more updates from the Dominican Today.