Federal prosecutors say extradited Colombian Joaquin Valencia brought the drug into the United States through front companies.
By Associated Press
Published March 20, 2004
TAMPA - A Colombian businessman described by federal prosecutors as a kingpin in the Cali cocaine cartel was extradited to Tampa on Friday to face trial in the United States.
Joaquin Valencia, 46, is accused of using dozens of front companies to transport more than 100 tons of cocaine a year into the United States. His personal fortune is estimated at more than $500-million.
"When you ask for Mr. Big, well here he is," said federal prosecutor Joseph K. Ruddy.
Valencia was arrested in Colombia in February 2003 after U.S. officials requested his extradition. An indictment unsealed last year accused him of importing and distributing several tons of cocaine in dozens of shipments since 1990.
Valencia allegedly ran one of the largest-ever maritime drug shipping operations, using several shipping and paper companies in South America and Florida, including America Paper Inc. in Miami and Caribbean Fisheries in Jacksonville, according to the indictment.
The extradition of Valencia, whose full name is Joaquin Mario Valencia-Trujillo, was approved last month by Colombia's Supreme Court.
The indictment stems from a decadelong investigation called Operation Panama Express in the eastern Pacific and Caribbean. It has netted more than 180 tons of cocaine and caught about 185 people, according to the Drug Enforcement Administration.
Authorities placed the street value of that much cocaine at about $2.8-billion. Some of the boats seized have been scuttled or towed to the Tampa area, where the trials have taken place. Many of the suspects, mostly poor sailors, have received lengthy sentences. Valencia could get 20 years to life in prison if convicted on the drug and money-laundering charges.
Valencia made a brief appearance before a federal magistrate.
"Mr. Valencia is not guilty," said Neil Schuster, his Miami attorney. Schuster declined to answer questions about the case after the hearing.
Valencia is well known in Florida horse country as a leading breeder of Paso Fino stallions.
Valencia's farm in Cali, Colombia, known as La Luisa, is considered one of the best breeding stables in the world, with hundreds of horses. His farm has been a dominant force in show rings in the United States and Colombia.
La Luisa was voted top breeder at the Paso Fino Federation world championships at the Florida State Fairgrounds in Tampa in 1999. One of Valencia's horses, Insolito, was world champion in 1997.
Valencia lived in a heavily guarded Cali estate with his wife, roller-skating star Luz Mery Tristan, their children and his parents.
