A JP Morgan ship seized by the United States Customs and Border Protection agency was carrying $1.30 billion worth of cocaine.
The JP Morgan (NYSE:JPM) ship was originally searched back in June and that is when authorities found the massive amount of cocaine. The total weight of the drugs found on the ship comes to 20 tons.
Now the United States Customs and Border Protection agency has gone through with paperwork that has the JP Morgan ship seized by it. This isn’t the typical procedure for investigating drug smuggling. Then again, neither is finding 20 tons of cocaine on a ship.
The JP Morgan ship seized by the United States Customs and Border Protection agency belongs to a fund run by the financial company. What this means is that JPM doesn’t have any specific control over the ship, reports CNNBusiness.
The JP Morgan ship seized by the United States Customs and Border Protection agency is the MSC Gayane. While seizing the entire ship may seem extreme, this is the largest amount of cocaine ever found coming into the U.S. by the agency. With that in mind, officials are looking into the matter to learn more about where the drug came from. It is also looking into individuals connected to the ship.
JP Morgan is keeping its nose out of the case. The company has yet to release any public statement about the seizure of the ship. It also isn’t commenting on the large sum of cocaine found on it, Fox News notes.
As of this writing, William White did not hold a position in any of the aforementioned securities.