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.
Visit Markets Insider for more stories.
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. It is operated by the Switzerland-based MSC.
On June 18, CBP agents found 39,525 pounds of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency.
"A seizure of a vessel this massive is complicated and unprecedented – but it is appropriate because the circumstances here are also unprecedented," said US Attorney William McSwain. "We found nearly 20 tons of cocaine hidden on this ship."
At least a half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing. Charges included conspiracy to possess cocaine aboard a ship.
The Gayane sailed under the flag of Liberia and had previously traveled through the Bahamas and several South American countries, according to an online ship tracker.
JPMorgan declined to comment. Mediterranean Shipping Co. did not immediately respond to an email inquiry.
psychobicycle on July 10th, 2019 at 01:43 UTC »
this means somewhere there is a guy who thought to himself "if this billion dollars of cocaine gets seized it's just the cost of doing business" and stuck it all on the same ship.
more, always there is more
MjrPowell on July 9th, 2019 at 23:37 UTC »
Before a container is loaded on a ship, it is normally inspected at the port from which it leaves. There is a sticker out on the seam of the doors. That sticker is signed by the exporting ports inspector. The owner of the ship gets a manifest. The leaders, and ships crew have no idea what is in the containers, and unless they have really good reasons to open the container (heat, unhealthy smells, banging from sex trafficked people) they could face felony charges. JP Chase isn't on the hook for this.
Matthew1581 on July 9th, 2019 at 22:47 UTC »
“On June 18, CBP agents found 39,525 pounds of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency.”