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The Region

September 12, 1986

U.S. Customs agents arrested three Hermosa Beach men in connection with an alleged scheme to smuggle $1.1 million in currency to Panama. Guillermo Velez, 38, Alonzo Correa, 48, and Fernando Posado, 35, are accused of having arranged to export 1,059 cases of motor oil--some of which were stuffed with money--to Panama, but Customs agents found the money before it could be shipped. The accused, all Colombian nationals, are now charged only with conspiracy to transport funds in excess of $10,000, but Assistant U.S. Atty. John Feiner said additional charges could be added later if the three are indicted by a federal grand jury.

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