BRADENTON, Fla. — The U.S. Treasury's Office of Foreign Assets Control (OFAC) says Bradenton-based IMG Academy must pay over $1.7 million in a settlement after being accused of taking tuition money from families connected to a Mexican drug cartel.
IMG Academy, which is known for its school-to-professional sports pipeline, was accepting money from two student-athletes who are from families that received sanctions due to providing funds or services to a Mexican drug trafficking syndicate, according to OFAC.
According to the release, the two students enrolled at IMG from 2018 to 2022.
Read the full report here
IMG SETTLES WITH OFAC FOR $1.7 MILLION by Tampa Bay 28
Officials said IMG reported the violations when they learned about them, but the government had already started its investigation.
IMG posted a response to the settlement on its site on Feb. 12, saying the following:
IMG Academy is committed to maintaining the highest standards of compliance and integrity in all aspects of our operations. Between 2018 and 2022, IMG Academy did not have an OFAC sanctions compliance program in place and entered into tuition enrollment agreements and collected fees from two individuals who were unknowingly on OFAC’s SDN List. Upon becoming aware of their status, we disclosed the matter to OFAC and fully cooperated with its investigation. Since that isolated incident, extensive measures have been taken by IMG Academy to implement a comprehensive sanctions compliance program.
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