IMG Academy in Bradenton, Florida just settled with federal investigators for $1.72 million after getting caught up in a major compliance mess.
The prep school, which has built a reputation for producing elite athletes, accepted tuition payments tied to a sanctioned Mexican drug cartel.
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The U.S. Treasury Department announced the settlement after the Office of Foreign Assets Control wrapped up its investigation. Between 2018 and 2022, IMG racked up 89 apparent violations of federal counternarcotics sanctions.
The academy enrolled two students during that period whose parents were flagged as specially designated nationals because of their cartel connections. Those tuition payments came through third-party wire transfers from Mexico, which basically gave sanctioned individuals a way into the U.S. financial system.
“Over five consecutive years, IMG Academy repeatedly transacted with two individuals whom OFAC sanctioned based upon their ties to a sanctioned Mexican-based drug cartel,” the agency said in a statement.
Annual tuition for those students ranged from $97,867 to $102,235, according to Treasury Department records.
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IMG Academy’s Jake Kreul (88) looks on during the second quarter of a high school football matchup at Mandarin High School. The IMG Academy Ascenders defeated the Mandarin Mustangs 57-7.
IMG did not have any formal sanctions compliance program during those years, which is a glaring gap for an institution that has developed more than 150 professional athletes over the past decade.
The school has since fixed that problem. IMG officials said the academy created a structured compliance system after the violations surfaced and cooperated fully with federal investigators.
The school released a statement confirming it now has a comprehensive sanctions compliance program in place and plans to maintain high standards for compliance and integrity going forward.
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