Federal authorities have charged the owner of a Newark used-car dealership and his father with money laundering for allegedly helping a customer they believed trafficked in cocaine hide paperwork from the government for two luxury cars he purchased, the Office of U.S. Attorney Paul J. Fishman said today.
The customer was actually an undercover special agent with the Internal Revenue Service, who, working with agents from the Drug Enforcement Administration, led the six-month investigation.
Arrested today were Gilberto Teixeira Jr., 23, of Newark; and Gilberto Teixeira Sr., 48, of Secaucus, at their dealership, GT Motor Sport.
The father and son both were charged with a single count of money laundering conspiracy, which carries a maximum sentence of 20 years in prison and a $250,000 fine upon conviction.
In April, the IRS agent met with Teixeira Sr. and purchased a BMW M5 for $50,000 in cash, after explaining he was a cocaine trafficker and the money was from narcotics proceeds, the government said. The undercover agent also expressed concern about filing paperwork, the U.S. Attorney’s Office said in a release detailing the criminal complaint.
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