JPMorgan's Cargo Ship Seized with 20 Tons of Cocaine

CNN revealed that US authorities in Philadelphia seized a cargo vessel in June with nearly 20 tons of cocaine on board.

According to a special report, the ship is owned by a fund run by banking giant JPMorgan Chase.

A source close to the issue said on Wednesday that the ship, the MSC Gayane, is part of a transportation strategy fund run for the bank's asset management unit.

In this case, JPMorgan Chase (JPM) does not have any operational control of the vessel, a Liberian-flagged ship that is run by the Swiss-based Mediterranean Shipping Company. The bank had no comment.

Law enforcement agents boarded the MSC Gayane on June 17 and found the cocaine, which is said to have a street value of about $1.3 billion.

The ship was reportedly en route to northern Europe at the time it was seized, and that aside from the containers held by authorities in the United States, all other cargoes have been sent along to their destinations on other vessels.