Taking a cue from more high-end swindlers, a slew of violent gangs, including the Bloods, the Crips and the Latin Kings are branching out into mortgage fraud, identity theft, check counterfeiting and bank fraud, among other crimes.
Escalating violence related to the cross-border drug trade has caused Texas authorities to advise spring break revelers to avoid Mexico. The Mexico Tourism Board countered that traveling south of the border remains safe. At stake is a big chunk of the $12 billion that tourists spend in Mexico each year.
A Bloomberg Markets magazine article follows the trail of cocaine and drug money through the Mexican cartels and finds millions of dollars flowed through major U.S. banks, such as Wachovia and Bank of America.
Even former cocaine kingpins have to worry about brand protection. Infamous drug lord Ricky "Freeway Rick" Ross is suing the rapper known as Rick Ross for alleged violations including trademark infringement and misappropriation, among others, for $50 million in damages.
Once among Mexico's most prosperous cities, Ciudad Juarez has lost 120,000 jobs and 6,000 businesses in two years amid rising drug violence. The problems threaten the city's maquiladoras, which employ 80% of the workforce.