Man Denied Bail in Alleged Plot to Swap Cocaine for Food Stamps
The manager of an Echo Park grocery, accused of trying to exchange $18,000 and three kilos of cocaine for $500,000 worth of food stamps, was denied bail Thursday by U.S. Magistrate Volney V. Brown.
Luis Fernando Laverde, 36, manager of the Hungry Boy Market at 1414 W. Sunset Blvd., is one of eight men named in a 28-count indictment stemming from a long undercover investigation of federal food stamp fraud by the U.S. Department of Agriculture.
Assistant U.S. Atty. Manuel A. Medrano said three of those indicted in the case are fugitives. Among them, he said, is Gustavo Laverde, owner of the the market. Also still at large are Eduardo Moran Ibarra and Humberto Laverde Torres.
In addition to Laverde, Oscar Orlando Caballero, 24, and Manuel Roberto Sandoval, 25, were jailed without bail. Vincent Galindo Martinez, 34, was released on $50,000 bail.
Medrano said the scheme involved purchase of food stamps at reduced prices of about 25 cents on the dollar, after which the coupons would be redeemed at full value.
The indictment charges conspiracy, illicit possession and transfer of food stamps and, in the case of Caballero and Luis Laverde, possession with intent to distribute cocaine.
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