Clavin Removes Funds from Chase in Response to Alleged Drug Bust

In response to the federal government’s seizure of a JPMorgan Chase-owned vessel allegedly containing $1.3 billion worth of cocaine, Hempstead Receiver of Taxes Don Clavin removed millions of dollars of taxpayer deposits from the bank and commenced the process to terminating all business between the town tax office and the financial institution.

Clavin oversees the Hempstead Town Tax Office, which is responsible for collecting and processing over $2 billion in taxes for the taxpayers of America’s largest township. When Clavin heard about JP Morgan Chase’s alleged involvement in a federal drug bust, he immediately moved to eliminate funds from the bank’s coffers. If the financial giant does not immediately address its reported role in funding a ship transporting thousands of pounds of deadly drugs, the Receiver said he will follow through with ending its relationship with Chase.

“It was startling to hear that such massive amounts of illegal drugs were being smuggled on a ship across our country’s border as so many families across our nation are impacted by the effects of addiction,” Clavin said. “When I heard that JPMorgan Chase reportedly owned the vessel, I decided to take action. I won’t allow our hard-earned taxpayer funds to support this financial institution until it clears its name and addresses this disturbing drug bust.”

On Thursday, Clavin removed a significant amount of funds from the tax office’s account with Chase. The Receiver said that this was a first step, and that he will continue the process of ending the town tax office’s relationship with the bank, and move the funds to other financial institutions. According to published reports, federal prosecutors seized a container ship in Philadelphia on July 4thafter it was found that the vessel owned by JPMorgan Chase contained over a $1 billion in cocaine. It was considered to be “one of the largest drug busts in American history,” according to Market Insider.As of today, Chase had yet to respond to media inquiries about the drug bust debacle. Clavin said he will be sending a letter today to JPMorgan Chase to request a response to the situation.

Led by Receiver Clavin, the Hempstead Town Tax Office collects taxes for Nassau County, the Town of Hempstead, 99 special districts and 33 school districts, and disburses the monies to school district treasurers and other districts without charge. Its other functions include billing and collection processes, encompassing complete banking, record maintenance, mail and accounting functions.

“As Receiver of Taxes for America’s largest township, I’m responsible for billions of dollars in taxpayer money,” Clavin said. “It’s time for JPMorgan Chase to take responsibility and respond to the public about its reported involvement in a massive billion-dollar drug bust. Until Chase steps up and takes a stand on the issue, I will stand up for taxpayers and their families by ending all business with the bank.”