It feels like in the last few months alone, the feds have seized a serious amount of cocaine that has tried to make its way into the United States. CNN now details yet another bust that has taken place in Philadelphia when a cargo vessel with close to 20 tons of cocaine on board was seized by authorities. The ship is owned by the investment banking company J.P. Morgan Chase and according to the publication, it's part of a "transportation strategy fund" by the bank's asset management unit.
The bust happened back in June and the street value of all that was pulled from the ship has an estimated value of $1.3 billion. It's important to note that J.P. Morgan Chase doesn't have any operational control of the ship and the suspicion falls on the Swiss-based Mediterranean Shipping Company that sent the vessel on its way.
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"A seizure of a vessel this massive is complicated and unprecedented — but it is appropriate because the circumstances here are also unprecedented," US Attorney William McSwain in a statement Monday."When a vessel brings such an outrageous amount of deadly drugs into Philadelphia waters, my Office and our agency partners will pursue the most severe consequences possible against all involved parties in order to protect our district -- and our country."