Manhattan U.S. Attorney Dismisses Civil Forfeiture Complaint Against Funds Held By Refining Company
Preet Bharara, the United States Attorney for the Southern District of New York, announced today that the Office had agreed with Republic Metals Corporation, a Florida-based refining company, to dismiss a claim for civil forfeiture of funds in a Republic Metals bank account. The civil complaint, which was filed on October 9, 2012, seeks to forfeit funds from nine bank accounts held by various entities which are alleged to have been connected to an international money laundering scheme run by a Peruvian drug trafficking organization. The settlement recognizes that Republic Metals, the holder of one of the bank accounts, provided evidence to meet its burden of establishing that it was an innocent owner, and a bona fide purchaser or seller for value, and that it did not know, and reasonably was without cause to believe, that the property was subject to forfeiture. The settlement dismisses the complaint as against the funds held in the Republic Metals bank account.
This matter is being handled by the Office’s Asset Forfeiture Unit. Assistant United States Attorney Paul M. Monteleoni is in charge of the case.