Five tons of gold and silver jewelry, seized as a result of a money-laundering investigation by the Drug Enforcement Administration, is being sold by sealed bid by the U.S. Marshals Service.
The service announced today that the gold and silver jewelry can be reviewed at an undisclosed site in Texas - by appointment only - to registered bidders. Registration for the auction is open until Friday and requires a $100,000 refundable deposit.
The bulk lot consists of more than 40,000 troy ounces of mixed-karat gold jewelry and more than 100,000 troy ounces of silver jewelry, according to the U.S. Marshals Service.
The money-laundering investigation involved two Panama companies that were laundering narcotics proceeds from the United States, according to investigators.
Yardena Hebroni and Eliahu Mizrani were charged with laundering millions of dollars in narcotics proceeds through a wholesale jewelry business, Speed Joyeros S.A., and a related company, Argento Vivo, S.A., which together did more than $100 million annually.
Hebroni and Mizrahi, and both companies, pleaded guilty to money laundering.
Michael Hearns an Anti Money Laundering specialist with over 24 years of AML experience can also be found at www.launderingmoney.com and on twitter at : http://twitter.com/#!/LaunderingMoney
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