Man Receives 2nd Conviction For Money Laundering
AUSTIN, Texas (AP) — A Mexican businessman again faces up to 20 years in a U.S. prison for helping drug lords launder money through horse racing operations.
Francisco Colorado Cessa was convicted Thursday during his federal retrial in Austin. Attorneys for Colorado say they will appeal his latest conviction on conspiracy to commit money laundering.
An appeals court in May reversed Colorado's 2013 conviction and 20-year sentence on the same charge.
Prosecutors say Colorado spent nearly $25 million to buy and sell hundreds of racehorses in Texas and Oklahoma to launder drug money. The 55-year-old Colorado said he used legitimate funds and feared Mexican drug lords would kill him if he didn't cooperate.
Colorado in 2014 pleaded guilty to attempting to bribe a judge in Austin to seek a lesser prison term.