Massachusetts Banks Exposed in Sophisticated International Money Laundering Scheme
In a shocking revelation that underscores the complexities of global finance, two Jamaican nationals have been sentenced to prison for their pivotal roles in a sophisticated international money laundering conspiracy. This illicit network funneled over $6 million in drug trafficking proceeds related to Colombian cartels through Massachusetts banks.
The Sentencing of Dennis Rowe and St. Devon Cover
Federal Judge Richard G. Stearns handed down significant sentences to the offenders on Wednesday. Dennis Raymond Rowe, aged 60, will serve 52 months behind bars, while St. Devon Anthony Cover, 61, will face 42 months in prison. Both men are also subject to deportation upon their release. Their involvement in this criminal enterprise caught the attention of law enforcement, leading to an extensive investigation.
Unraveling the Web: A Five-Year Investigation
This intricate operation, primarily based in Barranquilla, Colombia, came under federal scrutiny around October 2016. Over the span of five years, authorities pieced together how the organization meticulously laundered drug money through various intermediary banks in the United States—including those in the Bay State—as well as through institutions in the Caribbean and Europe, utilizing the infamous Colombian Black Market Peso Exchange (BMPE).
The conspiracy’s complexity was highlighted in a recent release, which stated, “By using the BMPE, the defendants aimed to conceal drug trafficking activities and evade currency exchange regulations both in the United States and Colombia.”
The Structure of a Criminal Enterprise
Members of this organization each played vital roles, tailored to meet the needs of their sophisticated operation. These included drug suppliers, peso brokers, money couriers, and business owners/dollar purchasers. Investigators discovered a staggering $1 million had been seized from corporate bank accounts tied to this network, connecting nearly 3,000 kilograms of cocaine, valued at over $90 million, directly to their operations.
A Glimpse into the Drug Trade
The cocaine trade has been brutal and relentless. This operation included the seizure of 1,193 kilograms of cocaine found at sea—approximately 60 miles south of Jamaica—in July 2019, followed by another bust that recovered 1,555 kilograms packed in nine scrap metal shipping containers at the Port of Buenaventura, Colombia, in March 2019.
Rowe and Cover’s criminal expertise allowed them to launder substantial sums, with Rowe reportedly washing over $600,000 and Cover handling roughly $268,000 by delivering cash drug proceeds to undercover law enforcement.
Conclusion: A Cautionary Tale
This case serves as a stark reminder of the vulnerabilities within our banking system, particularly concerning money laundering and the international drug trade. It accentuates the importance of vigilance and cross-border cooperation in tackling organized crime. As authorities continue to dismantle such networks, the story of Rowe and Cover offers crucial insights into the complexities and dangers of the current landscape of international finance.
For a deeper understanding of the implications of money laundering, you can explore more through resources provided by the Financial Crimes Enforcement Network (FinCEN) and the Drug Enforcement Administration (DEA).
Originally published: May 22, 2025, at 4:34 PM EDT.
