After billions went missing, the Mexican state of Veracruz turned to a prominent trial lawyer to recover money that was allegedly laundered in the Houston suburbs. But the unusual quest appears to be foundering.
Texas money laundering investigations provided federal regulators with a roadmap for overseeing the real estate industry. They didn’t follow it.
Texas court cases show U.S. financial institutions accepted millions stolen from Mexico. Few faced repercussions.
Over the span of four years, federal investigators estimated millions of dollars stolen from Mexican taxpayers passed through one South Texas bank. When they followed the trail, it led to real estate, cars, and airplanes. But in 2018, those investigations suddenly stopped.