An alleged Chinese cartel drug boss used Liberal MP Joe Peschisolido’s law firm to launder money through a Metro Vancouver project, according to an in-depth investigation by Global News.
The deal for the condo development was a “bare trust” joint venture with a company directed by Kwok Chung Tam, who reportedly holds a position of authority in the major cartel called Big Circle Boys, according to the Canada Border Services Agency.
Said venture gave Tam an instrument that masked his direct involvement in the acquisition of a 3.7-acre property in Coquitlam, BC. The purchase was valued at $7.75-million, and it was sold for $14.8 million in 2015.
Per court documents, Tam was still serving a conditional sentence for a 2010 drug trafficking conviction at the time of the transaction’s completion.
Read the original article here: mortgagebrokernews.ca
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