Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co. and owned by JPMorgan Asset Management.
That came weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.
At least a half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing.
Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co., weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.
US Customs and Border Protection seized the ship on July 4, a statement out Monday said.
The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter.
The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency. »
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