Six arrests made in black market peso investigation

LAREDO,Texas(KGNS)- Six people are guilty in federal court for their roles in a multi-million dollar black market peso exchange scheme.

According to court documents, the people were involved in what was considered a complex money laundering scheme where drug money was laundered through businesses in town so the funds could be returned to Mexican drug dealers.

Massive amounts of cash were transported through various forms of transportation including cars, commercial buses, airlines, and a private plane. The money was hidden in plastic bags, sacks, suitcases, backpacks, and even cereal boxes.

The money came from drug proceeds from states across the U.S. including New York, Kentucky, North Carolina, Illinois, and Mississippi.

The money was then distributed among downtown perfume stores.

The multi-year investigation was conducted by Laredo DEA and IRS.

Sentences are still pending.