Winthrop man caught with $1M in cash, 4 pounds of cocaine to appear in court

WINTHROP, MASS. (WHDH) - A Winthrop drug dealer who had more than $1 million in cash and bank accounts when he was arrested earlier this year will be arraigned Wednesday following his indictment on money laundering and drug trafficking charges, officials said.

A Suffolk County Grand Jury returned indictments in April charging Peter Degan, 61, with two counts of trafficking in cocaine, seven counts of distributing cocaine, and single counts of perjury and money laundering, a spokesman for Suffolk District Attorney Daniel F. Conley said in a statement.

Degan, who has been held on $3 million cash bail since his arraignment in Chelsea District Court, is slated to appear on those charges in Suffolk Superior Court.

Revere Police detectives arrested Degan on earlier this year following a lengthy investigation and a series of undercover purchases between December and February. On Feb. 7, after selling a cumulative total of $650 worth of substances that tested positive for cocaine to an undercover officer, Degan was placed under arrest.

At the time of his arrest, he allegedly had about 35 grams of cocaine on his person and in his car.

When Revere and Winthrop police executed a search warrant at Degan’s Pond Street home, they found more than four and a half pounds of cocaine in a cooler hidden inside a closet and recovered more than $738,000 in cash from three safes and a desk inside Degan’s home.

More than $310,000 was later seized from two bank accounts in his name.

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