Four people have been arrested in a $9-million money laundering operation.
Police say between 2015-2023 Pareto Pharmaceuticals, an anabolic steroid business, had a million dollars in sales and laundered the money through cryptocurrency and real estate investments.
Police explained the products were being sold online on the websites paretopharmaceuticals.com and paretopharma.com, as well as through online sales representatives and in gyms.
After looking through 150 bank accounts connected to the business, police determined that the money was laundered through multiple bank accounts and securities investments belonging to the accused and their shell companies. The money was also converted into various cryptocurrencies.
Last week, search warrants were executed at several locations throughout the city and in Chestermere in addition to four vehicles and one location in Vancouver.
Police seized a variety of drugs and drug-related products with a combined street value of $7 million, this included.
- 82.3 kilograms of raw anabolic steroids with an approximate street value of $4 million.
- 3,174 vials of ready-to-sell anabolic steroids with a value of $317,000.
- 233,388 individual anabolic steroid pills worth $533,000.
- 29 kilograms of raw powder of Food and Drugs Act-regulated substances with a street value of $1,740,000.
- 289 kilograms and 70 litres of other raw powders and liquids along with various drug manufacturing paraphernalia.
Police also seized:
- $589,585 in money.
- $500,000 worth of jewelry.
33-year-old Fraser Landeen from Vancouver, 33-year-old George Haddad from Calgary, and 33-year-old Spencer Jonathon Rivers, also from Calgary were charged with:
- Conspiracy to commit an indictable offense.
- Laundering the proceeds of crime.
- Trafficking of a controlled substance.
- Possession of proceeds of crime.
- Possession of a controlled substance for trafficking.
- Production of a controlled substance.
28-year-old Angela Li was also charged with:
- Trafficking of a controlled substance.
- Possession of a controlled substance for trafficking.
- Possession of the proceeds of crime.
- Production of a controlled substance.
All four are set to appear in court on January 12.
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