Spain Links 13 Tons of Cocaine to $200 Million Newport Beach SPAC
Updated
Updated · Bloomberg · Jul 14
Spain Links 13 Tons of Cocaine to $200 Million Newport Beach SPAC
1 articles · Updated · Bloomberg · Jul 14
Summary
Spanish investigators say a money-laundering network tied to a record 13-ton cocaine seizure reached the founders of a Newport Beach SPAC that raised $200 million last year.
The case began when police searching a banana shipment from Latin America at the port of Algeciras in fall 2024 found the cocaine, then Spain’s largest-ever drug bust.
The ensuing probe traced alleged financial links beyond Spain to Wall Street and Dubai real estate, widening the case from a narcotics seizure into an international financial investigation.
The findings connect a Mediterranean port bust to US capital markets and Gulf property assets, underscoring how drug proceeds can move through mainstream investment and real-estate channels.