White-Collar Crime

New indictment accuses jailed lawyer of defrauding utility of millions

Jailed since November, when federal prosecutors accused him of a role in a claimed conspiracy to launder $600 million in Mexican drug cartel money, a once-prominent South Texas lawyer is now facing a new indictment issued Wednesday by a federal grand jury in El Paso.

Marco Delgado, 46, also known as Marco Delgado Licon, is charged with wire fraud and money laundering, accused of diverting $32 million that should have gone to a Nevada company into an offshore account he controlled in the Caribbean, according to the Pittsburgh Tribune-Review. Delgado reportedly brokered a deal in which the Nevada company, FGG, was to provide turbogenerators to a Mexican state-owned utility.

Delgado allegedly used some $1.5 million from the offshore account to purchase two homes and furnishings and to make a hefty contribution to Carnegie Mellon University, where he formerly served as a trustee. The feds are now seeking forfeiture of $2.5 million in cash, notes a KBTX article about the indictment.

Additional coverage:

ABAJournal.com: “Texas Lawyer Indicted and Jailed re Claimed Role in Alleged Mexican Drug Money-Laundering Conspiracy”

Judge's 'hunch' leads to successful adoption of baby found in subway

Lawyer tweets Newark mayor and gets help with his marriage proposal

We welcome your comments, but please adhere to our comment policy. Flag comment for moderator.

Commenting is not available in this channel entry.