Popular bar may be front for money laundering
Thu, 21 Aug 2014 02:16:33 GMT —
A popular valley bar is under investigation by state and federal agents who believe it may be a front for money laundering.
Investigators are remaining tight-lipped, but Action 4 News obtained a series of court records. They show that there's an active money laundering investigation underway in Pharr.
Texas Alcoholic Beverage Commission (TABC) agents arrested Elisa Arrieta Danache over the weekend.
She's facing a making a false statement on an alcoholic beverage license application charge.
Danache allegedly controls the finances of the Ring Sports Bar off Expressway 83 in Pharr. Records show TABC and Immigration and Customs Enforcement (ICE) are involved in the investigation.
That investigation started back in May when TABC agents received complaints that the bar was a front for money laundering and subterfuge ownership.
Agents looking at the bar's records, and allegedly found large discrepancies between the amount of money they reported they invested versus the actual value of the bar.
Some estimates put that difference as high as $1.5 million dollars. No other criminal charges have been filed at this time. Investigators are working to see if that dollar amount difference came from legitimate or illegal sources, records show.
Danache has not return multiple calls for comment after she was released on a $5,000 bond.
No court date has been set at this time.
If convicted, she could face from two to 10 years in prison.