A recent Bloomberg story reported “A Cocaine Bust in Spain Leads All the Way to Wall Street,” with court documents revealing “all the ingredients of a Hollywood crime movie.” This Bloomberg video provides a short synopsis of the investigation and the story can be read here without a paywall.
Below are some highlights from this story and a few details not in the original reporting, that show how the alleged Spain drug deal financial network is only a few degrees of separation from the network linked to the Trump family business.
A 2024 cocaine bust leads to a network used to launder cash and cryptocurrency
In 2024 Spanish police seized 13 tons of Cocaine on a ship that was supposed to be transporting bananas. It was the largest drug bust in Spanish history at the time.
Bloomberg recently reported on pretrial documents, prepared by investigators in Madrid, that describe a suspected drug lord named Ignacio Toran and the network he allegedly used to launder cash and cryptocurrency.
Toran’s network allegedly included a corrupt Spanish police officer (ironically in charge of the national police’s money-laundering unit) and two business men, Ketan Seith and Francisco de Borbon, who set up a company called Alpha Trading used to launder money:
According to investigators, Toran also employed Francisco de Borbon, the son of a duke and a distant cousin to Spain’s King Felipe, and Ketan Seth, an American investor based in a mansion in Newport Beach’s upscale Dover Shores neighborhood. Investigators say that Seth and de Borbon were managing partners at Alpha Trading, a Californian firm that was funneling Toran’s drug money from offshore accounts at a bank in Panama.
Per Bloomberg, Ketan Seth has been called to testify in the case and has an international arrest warrant against him that he has asked be lifted. De Borbon was being held in Spain but was later released.
What makes this story about a cocaine drug lord and his network so striking is that Ketan Seth was the CEO and Francisco De Borbon was an advisor of a firm called Blue Acquisition Corp., that completed a $200 million initial public offering on Nasdaq last year.
Two people allegedly linked to the 2024 Spanish drug bust led a publicly traded Wall Street firm
From 2025 until earlier this year, Ketan Seth was CEO and Francisco de Borbon was special advisor of Blue Acquisition Corp., a Cayman Islands-based special-purpose acquisition company (SPAC) that was created to go public, raise money and find an existing business to combine with.
Last summer Blue Acquisition Corp., did an initial public offering and raised approximately $200 million. Late last year the firm announced plans to combine with Blockfusion Data Centers, Inc.
Other than Ketan Seth and Francisco de Borbon, the firm Blue Acquisition Corp. and its other officers and directors are not directly named in the Spanish investigation or accused of any wrongdoing. Earlier this year both Seth and de Borbon ended their affiliation with the company.
However, during the period when Ketan Seth and Francisco de Borbon were involved with Blue Acquisition, the firm raised hundreds of millions from U.S. investors and had some notable people working with them, including Blue’s chairman, former four-star Army general Wesley Clark.
Per Bloomberg:
In 2025, Seth and de Borbon founded Blue Acquisition Corp. as a special-purpose acquisition company (SPAC), targeting data centers and artificial intelligence. Wesley Clark, the former four-star U.S. Army general, became Blue’s chairman. The firm, which lists Seth’s house in Newport Beach as its headquarters, raised about $200 million last June through an initial public offering and forged ahead with a deal to acquire a data center in Niagara Falls.
A search of the SEC database shows that Ketan Seth was not involved in any public company prior to Blue Acquisition Corp.
The Bloomberg story covers some remarkable details, but also leaves out a few interesting items about Ketan Seth, Francisco de Borbon, Blue Acquisition Corp. and other company officers who are not part of the Spanish investigation.
Adding some new details on to existing reporting
The Bloomberg story described how Ketan Seth and Francisco de Borbon set up Alpha Trading in 2012, a firm allegedly used to funnel Toran’s drug money.
I looked further into Ketan Seth’s bio in the most recent Annual Report for Blue Acquisition, which notes Seth was CEO of an app called Vezbi since 2020.
Ketan Seth is listed as officer of Vezbi, Inc. incorporated in California in 2016 by Henry L. Jan (who previously received a cease and desist order from the SEC related to a 2013-2014 stock scheme). Per LinkedIn, the Chief of Staff at Vezbi is Travis Kasper, who was CEO and a director of World Poker Fund Holdings, Inc. (WPF Holdings). Another director of WPFH in 2018 was Francisco de Borbon. This 2018 WPFH filing listed some celebrity shareholders including Justin Bieber and Floyd Mayweather.
A 2023 press release announced that WPF Holdings had acquired Ketan Seth’s Vezbi. WPF Holdings was later renamed GrocerIQ Holdings, Inc (Griq).
A 2024 release announced that WPFH planned to spin off Vezbi, Inc and Virtual Health Holdings, Inc. (VHHI) to eventually exchange assets with a Nasdaq company in return for $1 billion in current market value of common shares. It does not appear that this billion dollar deal happened.
In separate reporting, Ketan Seth appears to have been interacting at crypto events through at least 2025. Ketan Seth was mentioned in a press release for a December 2025 event hosted at the Harvard Club where “Metaterra unveiled Beyond Bucharest, its city-scale Real-World Asset (RWA) platform.” Guests included “Fernando Vildosola, Stephen L. Norris, Stephen Moore, Rusu Daniel Cezar, Ketan Seth, and Brock Pierce.”
Besides Ketan Seth and Francisco de Borbon who are named by investigators in the Spanish investigation, the company Blue Acquisition and other officers are not named in the investigation or implicated in any wrongdoing. However, Blue Acquisition Corp. and its board chair Wesley Clark were featured earlier this year in another story related to a lawsuit by a former investor.
A Page Six story featured Wesley Clark, Blue Acquisition’s planned merger with Blockfusion and a related lawsuit
Blue Acquisition Corp. is planning to merge with Blockfusion USA, Inc., a Delaware data center company led by Alex Martini-Lo Manto.
In March a Page Six story, entitled “Wesley Clark tangled up in a crypto fraud suit with Burning Man buddies,” described how Blue Acquisition chairman Wesley Clark had befriended Blockfusion founder Alex Martini-Lo Manto at the annual week-long Burning Man festival in Nevada.
A company whose board is chaired by one of America’s most decorated military men has been caught up in a $5 million crypto fraud lawsuit of some guy he allegedly met at Burning Man. Retired General Wesley Clark is a Rhodes Scholar, former supreme commander of the NATO forces and Presidential Medal of Freedom recipient who made a run for the White House in 2004.
The Page Six story described how tech firm Bit Digital had invested $5 million in Blockfusion. Per court papers, Bit Digital accused Blockfusion founder Martini-Lo Manto of setting up the merger deal with Blue Acquisition in a way that would make the initial investment disappear. Attorneys for Martini-Lo Manto and Blue Acquisition said the suit and allegations are false.
Wesley Clark is an advisor to Nano Nuclear which planned a deal with Blockfusion
Wesley Clark is a member of the Executive Advisory Board at Nano Nuclear Energy Inc., a company run by Jay Jiang Yu and James Walker. Former Secretary of Energy Rick Perry is also on the advisory board, and previously Andrew Cuomo was on the advisory board.
This 2024 story said that Nano Nuclear and Blockfusion planned to deploy nuclear microreactors at a Niagara Falls data center. The story also described a short seller that had criticized Nano Nuclear:
Short seller Hunterbrook Capital has previously criticized Nano Nuclear for having “no revenue, no products, ‘laughable timelines,’ [and] part-time executives.” It said that it had taken a short position against Nano.
Wesley Clark attended a signing event linked to a large investor in Trump-backed crypto venture World Liberty
Wesley Clark recently popped up on my radar, when I saw he attended an event that has a link to a large investor in one of the Trump family crypto ventures.
Clark attended a signing ceremony in February in Dubai where Naoris Protocol inked a deal with Mova Chain.
Mova Chain is a ‘decentralized blockchain network’ that is backed by Aqua Group, a Dubai-based business that includes Aqua 1 Foundation and Aqua Labs, and which invested $100 million in Trump-backed World Liberty Financial.
A Blue Acquisition board director is a close associate of former Commerce Secretary Wilbur Ross
The Blue Acquisition Corp. board includes director Nadim Qureshi, who was a Managing Partner of WL Ross & Co., the firm founded in 2000 by Wilbur Ross, the former Secretary of Commerce during Trump’s first term.
Note that Wilbur Ross is not involved in Blue Acquisition. However, Nadim Qureshi and Wilbur Ross are involved in an unrelated SPAC deal involving BPGC Acquisition Corp. which is planning a merger with Innovate Rocket Technologies, aka iRocket. Qureshi is the CEO of BPGC Acquisition Corp. and Wilbur Ross is a sponsor of the deal. A 2025 press release, which includes a photo with Qureshi and Ross, announced a $640 million agreement between iRocket and Saudi Arabian firm SpaceBelt KSA.
Wilbur Ross is also involved in another SPAC deal. Ross will become a Vice Chairman of bitcoin and digital asset company Reserveone Holdings when it combines with M3-Brigade. The CEO of the combined company, Jaime Leverton, was the former CEO of Hut 8, a firm now led by Asher Genoot and Michael Ho, who, along with Eric Trump, launched American Bitcoin.
Just to bring everything back full circle, American Bitcoin merged with Gryphon Digital (where former Cambridge Analytica exec Brittany Kaiser was the prior board chair). Prior to the merger, Gryphon Digital had an agreement with Blockfusion (the current planned merger partner with Blue Acquisition) to provide Gryphon power at its Niagara Falls location. The deal was later put on hold.
The recent Bloomberg story on the Spanish drug bust and the network that links back to two founding officers of Blue Acquisition Corp. shows how alleged criminal activity is so often linked to traditional financial networks. And somehow, many of these alleged and proven criminal networks often link back to people and entities doing business with the Trump family.