JPMorgan-owned vessel seized by Feds with $1.3B in cocaine

The Feds have come down hard on JPMorgan and its Asset Management arm in Philadelphia.

Federal prosecutors seized a vessel operated by the Mediterranean Shipping and owned by Jamie Dimon’s shop as part of its alternative investment holdings division named Maritime Strategy. The illegal cache is one of the largest drug busts in US history.

US Customs and Border Protection seized the ship on July 4 in the Port of Philadelphia after discovering more than 39,000 pounds of cocaine with an estimated street value of $1.3 billion in mid-June, according to  US Attorney William McSwain.

“A seizure of a vessel this massive is complicated and unprecedented – but it is appropriate because the circumstances here are also unprecedented,” McSwain said at a press conference. “We found nearly 20 tons of cocaine hidden on this ship.”

Neither JPMorgan nor Mediterranean Shipping had any comment.

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