Federal prosecutors in Manhattan say a man identified as Maximilien de Hoop Cartier has admitted he used U.S.-based shell companies and cryptocurrency accounts to move "hundreds of millions" in illicit money, including proceeds from Colombian drug trafficking. In a brief Tuesday update, the U.S. Attorney’s Office for the Southern District of New York framed the admission as part of a broader investigation into what prosecutors describe as an over-the-counter crypto operation that funneled illicit cash overseas. They say the acknowledgment plugs directly into a years-long probe of crypto-linked money-laundering networks.
How prosecutors say the crypto pipeline worked
According to federal court records, those claims line up with a superseding indictment and related filings unsealed in May 2024. The documents allege Cartier controlled a web of U.S. shell companies and bank accounts that fed an unlicensed over-the-counter cryptocurrency exchange converting Tether (USDT) into dollars, then wiring the funds to shell firms in Colombia. According to a press release from the Department of Justice, investigators say the Network converted roughly $14.5 million in Tether between May and November 2023 and that Cartier's operation "executed hundreds of millions" of unlawful transactions starting around January 2020. The press materials also spell out lists of shell companies and accounts that prosecutors say were used in the scheme.
Court timeline and guilty plea
Cartier was arrested in Miami in February 2024 and later charged in the Southern District of New York. Court reporting indicates he waived indictment and on Oct. 23, 2025 entered a guilty plea to a two-count information, with sentencing initially scheduled for Feb. 3, 2026. Coverage from Inner City Press and docket activity reflect a series of change-of-plea hearings and related filings for co-defendants in the case. Prosecutors have also filed forfeiture claims targeting accounts and funds they contend are tied to the illicit transfers.
What Clayton said
In a post on X summarizing the latest developments, the SDNY account stated that "Mr. Cartier, a French national, admitted to using shell companies and crypto accounts to move hundreds of millions in illicit funds, including drug money," and quoted U.S. Attorney Jay Clayton as saying, "Stopping money laundering stops crime." The post from SDNY did not include additional court documents. Earlier materials from federal prosecutors had identified Cartier as an Argentinian citizen who had resided in France.
Why prosecutors are watching crypto OTC desks
Federal prosecutors have increasingly homed in on off-exchange crypto services and mixers that can turn digital assets into cash without the robust anti-money-laundering checks required of regulated exchanges. Recent guilty pleas and cases involving unlicensed money-transmitting operations and mixers highlight that trend, with enforcement teams leaning on traditional bank-fraud and money-laundering statutes to patrol digital payment rails. Prior coverage from CoinDesk points to the same vulnerabilities prosecutors say they are targeting in the Cartier matter.
Legal stakes and what comes next
The charges against Cartier carry heavy statutory maximums: money-laundering counts can run up to 20 years and bank-fraud counts up to 30 years, according to court filings. Prosecutors have also flagged forfeiture and potential removal as possible outcomes. The Department of Justice has said the Office's Illicit Finance and Money Laundering Unit is handling the case. The sentencing date and any final forfeiture calculation will determine how much the government ultimately recovers and whether immigration authorities pursue removal after any prison term.
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