PORTLAND, Ore. (KOIN) — A Lake Oswego resident has pleaded guilty to laundering the money he collected from trafficking cocaine.
The U.S. Attorney’s Office for the District of Oregon reported that Michael Wayne Frost pleaded guilty in federal court on Wednesday. Authorities said the 47-year-old man distributed more than 50 kilograms of cocaine and laundered the proceeds through a business bank account.
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Officers previously “engaged in multiple controlled purchases” from Frost, according to USAO. The office revealed that authorities issued a federal search warrant on his Lake Oswego residence in early July 2024, when they seized around $20,000 in cash and a kilogram of cocaine. Officials said Frost confessed to selling between 10 and 12 kilograms of the substance weekly.
The Attorney’s Office claimed agents ultimately seized about $509,000 in cash and cryptocurrency connected to the cocaine sales after serving more warrants. Investigators determined that Frost deposited a portion of his cash into a business bank account and transferred the remainder of the proceeds to the cryptocurrency platform Robinhood…