Mark Richard Phillips, 27, was charged with money laundering, proceeds of crime, and fraud last November following an investigation that led to the seizure of nearly two kilograms of cocaine and nearly 2,000 fentanyl pills, as well as marijuana and other drugs. He is due to appear in court next month, according to an investigation by the Alberta Law Enforcement Response Team (ALERT).
Police allege Phillips was part of a drug trafficking network for the last two years and that he used his drug profits to purchase his home from Manjit “John” Nagra, 55, and Studio Homes in February 2014, ALERT told the media in a news release.
Authorities seized almost $250,000 in drugs from the home and, according to the proceeds of crime (money laundering) and terrorist financing act, Studio Homes Ltd. directors could be fined up to $500,000 and face up to five years imprisonment.
Nagra was charged with mortgage fraud, obtaining credit by fraud, money laundering and falsifying documents, but police stopped short of charging him for his involvement in the drug scheme.
Police also allege that Nagra organized the purchase of the property and he was also pegged for being involved in laundering the proceeds of crime. Police executed a search warrant at Studio Homes Ltd. and seized financial records this past April.
The home has now been “restrained” under civil forfeiture legislation until the legal process is complete.
Agents are looking to a September 9 court date to get long-awaited details about a respected real estate developer who has been charged with laundering drug money.