Spanish authorities seized 13 tons of cocaine in a historic bust at the port of Algeciras on November 6, 2024. The supply chain for laundering the profits proved to be equally global.
A Bloomberg investigation published in July 2026 traced the operation to Wall Street financiers, Dubai real estate, and a now-defunct Irish fintech company, Leveris Limited.
Leveris, founded in 2014 to build core banking software, collapsed in 2021 with €38 million in debt. Bloomberg's reporting connects its former executives to individuals linked to the Kinahan cartel, a powerful European crime network designated by the US Treasury as a transnational criminal organization in 2022.
The investigation names Leveris's former CFO, Oliver Herrmann, as a subject of inquiry. Two former board members have also been reported as under investigation. No charges have been filed, and their roles remain under review.
The case highlights significant due diligence failures for institutional investors. A firm with massive liabilities and alleged cartel connections underwent scrutiny from counterparties who appear to have missed critical red flags.