Seized drug funds are distributed -, South Georgia News, Weather, Sports

Seized drug funds are distributed



December 31, 2002

Nashville - A major conspiracy case means $49 million in confiscated money. The illegal funds come from a South Georgia man.

In the early 80's, William "Buck" Pegg of Nashville was part of a drug ring and imported millions of dollars in marijuana from several foreign countries. He used the drug money to start Chaparral Boats then sold the company and transferred the proceeds outside of the United States.

In 1997, Pegg pled guilty conspiracy and money laundering. In the plea settlement, Pegg did not go to prison but forfeited 49.1 million dollars.

Now, that money has been dispersed to the FBI, DEA, the Atlanta Police Department, Berrien County Sheriff's Department, and several local agencies in Florida and Louisiana.

posted at 2:15PM by

Powered by Frankly