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BANKRUPT BANKER

Eucraneo Severino, 60, of Providence, R.I., has been sentenced to 70 months in federal prison on money laundering and cocaine conspiracy charges, United States Attorney Peter F. Neronha announced. The sentence was imposed by United States District Court Chief Judge Mary M. Lisi.Severino was indicted by a federal grand jury in December 2007 on charges of conspiring to launder nearly a half-million dollars and being in possession of more than five kilograms of cocaine with the intent to distribute. He pled guilty on October 2, 2009.Estrodarcio Bernard, a co-defendant in this case, was previously sentenced to 168 months in federal prison for conspiracy, involving a multi-kilogram shipment of cocaine from Colorado to Rhode Island in January 2006.Aldaberto Ramirez, a co-defendant in this case, was previously sentenced to 37 months in federal prison for conspiracy to distribute over five kilograms of cocaine.On November 11, 2005, Eucraneo Severino entered into an agreement with Estrodarcio Bernard that Mr. Severino would transport nearly a half-million dollars in cash to New York. Severino delivered the cash knowing the intent was to disguise the origin of the money which was from drug sales.On January 30, 2006, Mr. Severino met with an individual identified as Aldaberto Ramirez who had driven from Colorado to Rhode Island. The two men drove to Mr. Severino’s Providence business where they parked the vehicle inside a garage. Mr. Severino left his garage while Ramirez removed the cocaine from a hide in the vehicle’s gas tank. When Severino returned, he noted the packages of cocaine in plain sight and that they smelled of gasoline.After both Ramirez and Severino left the garage, Severino was approached by members of the Drug Enforcement Administration. Severino agreed to allow a search of his business. Agents seized approximately five-and-a-hald kilograms of cocaine. Mr. Severino admitted to law enforcement that Bernard Estrodarcio had arranged the drug deal and that the drugs were intended to be redistributed by Bernard. The case was prosecuted by Assistant United States Attorney Mary Rogers. The matter was jointly investigated by the Drug Enforcement Administration, the Federal Bureau of Investigation, Rhode Island State Police, and Providence Police.

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