Mito Financial: Money Laundering Investigation

Written by on June 25, 2017

Mito Financial: Money Laundering Investigation

Versión en español

Investigators subpoenaed 11 businesses they believe are in possession of “records that may contain evidence” relevant to money laundering charges against Juan Miguel López. He is the Mexican businessman owner of Mito Financial.

According to summons filed in Dallas County, Texas, investigators seek business records and accounts pertaining to Juan Miguel López, his wife Irma López, and their daughter Ruby López Villalobos. In addition, they are requesting documents related to his companies Global Consulting, Mito Group, Mito Capital LLC, Mito Financial LLC, and Mito Bank.




The subpoenas apply to 50 transactions at jewelry stores, loans and pawn shop businesses, regarding jewelry purchases or loans with jewelry as collateral, that occurred from August 2011 to the present.

The total amount of purchases and loans, according to the documents, equals to $135,219.16.

Most of the transactions happened at Dallas stores, although there are records of some out of state transactions.

These are some examples of the summons:

 

Mito Financial Subpoena

Mito Financial Subpoena

 

Mito Financial Subpoena

Mito Financial Subpoena




Mito Financial Subpoena

Mito Financial Subpoena

The Breakdown

The Charges

Juan Miguel López was arrested on May 10, 2017, and remains in custody at the Dallas County jail.

He was charged with three felony counts:

  • Securities fraud for more than $100,000
  • Money laundering for more than $300,000
  • Theft for more than $300,000

López has registered more than 20 companies in Texas. Among the most popular are Mito Financial, Mito Group, and Mito Capital.

According to clients, he offered investment opportunities, credit repair services, and loans.

Since 2015 many of his clients started complaining that they had not received payments for their investments as promised.

Many clients were working immigrants living in the Dallas-Fort Worth area, but his customer portfolio included many people in México.

Mito Financial, a Family Business?

A subpoena for records belonging to Ruby López Villalobos indicates that a safe deposit box at a Sovereign Bank in Irving, Texas, was leased to López’s daughter on February 8, 2017, the day of her 18th birthday.

Another subpoena seeks records at a Sovereign Bank location in Dallas.

The summons seeks all documentation on accounts pertaining to López, his wife Irma and his daughter Ruby, including:

  • Video and photograph surveillance footage captured on May 9th, 2017, the day prior to López’s arrest.
  • Video and photograph surveillance footage captured on May 23rd, 2017 “for the execution of a search warrant on a safe deposit box that was leased to Ruby Lopez Villalobos”.
  • Bank records belonging to Ruby López Villalobos including monthly statements, deposit sleeps, checks, cashier’s checks purchases, returned checks for insufficient funds, cash in/out slips, wire transfers and safe deposit minutes among other records.

I contacted Irma López and Juan Miguel López’s lawyer but neither responded to my request for comment.

Stay tuned. More to come…

Don’t forget to sign up to receive updates on my Mito Financial investigation.

 


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