Bond for Rio Grande Valley businessman set at $30 million

CORPUS CHRISTI, Texas (AP) " A bond of $30 million has been set for a Rio Grande Valley businessman facing federal charges of money laundering, bank fraud and mail fraud.

The Monitor newspaper of McAllen reports (http://bit.ly/2fvEWNs ) developer Luis Castillo-Cervantes, of Mission, is known in Mexico as "King of Dragons" and has numerous properties throughout South Texas. He was named in an indictment unsealed earlier this month where he's accused of using U.S. banks to launder fraud proceeds.

According to the newspaper, Castillo is a naturalized U.S. citizen originally from Mexico.

The bond was set during an appearance this week before a federal magistrate judge in Corpus Christi. Terms of his bond include a cash deposit of $300,000. His next court appearance is set for Jan. 3.

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Information from: The Monitor, http://www.themonitor.com

This story has been automatically published from the Associated Press wire which uses US spellings

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