Alvaro Estuardo Cobar Bustamante, the director of a national Guatemalan bank, was arrested on a charge of money laundering, and a money laundering case against Manuel Antonio Baldizon Mendez, a former candidate for president of Guatemala was unsealed.
According to allegations in the complaint, after multiple cooperating witnesses, who were prosecuted for narcotics trafficking, informed the FBI that Cobar Bustamante was involved in helping the traffickers to launder their drug proceeds, the FBI initiated a sting operation to gather evidence of Cobar Bustamante’s money laundering activity. In recorded conversations, Cobar Bustamante is alleged to have agreed to accept what was represented to be money earned from drug trafficking and to secretly move that money to the United States by using his position as the director of a national Guatemalan bank. Tomorrow, Cobar Bustamante is scheduled to have his initial appearance before U.S. Magistrate Judge Edwin G. Torres in Miami.
This article has been summarised, the full original article can be found at dea.gov