News

A sprawling investigation into a network of buyers, trainers and other professionals involved in U.S. horse racing highlights the industry's vulnerability to illicit finance and the unique risks that stem from an obscure, specialized type of account associated with it. Jose Morely Chocron, a 61-year-old dual national of Spain and Venezuela who also goes by "Pepe," admitted in federal court in New York last month to using the network to launder more than $500,000 for four individuals who represented the funds as bribes already paid to "high-level politicians" in Brazil, but, unbeknownst to him, were FBI agents and confidential sources....