ALBANY, N.Y. — Federal prosecutors say a 43-year-old upstate man has pleaded guilty to laundering money for a marijuana distribution ring that operated in New York and Florida.
The U.S. Attorney’s office in Albany says Michael Elcox of Ghent in Columbia County pleaded guilty Wednesday to conspiracy to launder money.
Prosecutors say Elcox conspired to launder the proceeds of a pot ring by routing money through bank accounts held by an accomplice, moving funds from New York to Florida. Federal agents seized more than $300,000 in cash during their investigation.
Elcox faces up to 20 years in prison and a fine of up to $500,000 when he’s sentenced July 13 in federal court in Albany.
The investigation was led by the Drug Enforcement Administration’s offices in Albany and in Miami and Gainesville, Florida.