Ghent, NY Man Pleads Guilty to Money Laundering Conspiracy

ALBANY, NEW YORK – Michael Elcox, 43, of Ghent, New York, entered a plea of guilty today to conspiracy to launder money before United States District Judge Thomas J. McAvoy, announced United States Attorney Richard S. Hartunian and James J. Hunt, Special Agent in Charge of the Drug Enforcement Administration (DEA), New York Division.

Elcox admitted that he was involved in the illegal distribution of marijuana and conspired to launder the proceeds of that illegal marijuana distribution by routing money through bank accounts held by a co-conspirator and moving cash from New York to Florida. Federal agents seized more than $300,000 in cash, representing proceeds of Elcox’s illegal marijuana distribution, from locations in New York and Florida.

Sentencing is scheduled for July 13, 2015 in Albany. Elcox faces a maximum sentence of up to twenty years in prison, a fine of up to $500,000, and three years of supervised release following his release from prison.

The case was investigated by Special Agents of the DEA Albany District Office, New York Division, DEA Gainesville Resident Office, Miami Field Division and Internal Revenue Service–Criminal Investigations, New York Field Office, as well as the Columbia County Sherriff’s Department, as part of the DEA’s High Intensity Drug Trafficking Area Program. The case is being prosecuted by Assistant United States Attorney Wayne A. Myers.