Man Convicted of Laundering Funds for 2 Drug Rings
A Santa Barbara man was convicted Wednesday of laundering more than $24 million in narcotics proceeds for two Colombian cocaine organizations that sold the drug in Orange and Los Angeles counties.
Stefan Von Metzger, 65, was convicted of 36 counts of conspiring to aid the distribution of cocaine and to defraud the United States and making false statements on federal documents. He faces sentencing June 12.
After a 2-week trial in U.S. District Court, jurors found Von Metzger deposited millions of dollars in cash into Santa Barbara-area banks in 1985 and 1986 and transferred the funds to South American banks.
Assistant U.S. Atty. John Gordon said Von Metzger’s organization laundered the money for two suspected Colombian drug kingpins, Jose Miller and Eduardo Losada.
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