A Lake Oswego resident, Michael Wayne Frost, has pleaded guilty to distributing more than 50 kilograms of cocaine and laundering the proceeds through a business bank account for cryptocurrency purchases.
According to court documents, law enforcement conducted several controlled buys from Frost. On July 2, 2024, federal agents executed a search warrant at his Lake Oswego home, where they found a kilogram of cocaine and about $20,000 in cash. Frost admitted to selling between 10 and 12 kilograms of cocaine weekly. Authorities later seized approximately $509,000 in cash and cryptocurrency linked to the drug sales. Investigators determined that Frost deposited some drug proceeds into a business account before transferring funds to Robinhood for cryptocurrency investments.
On August 21, 2024, a federal grand jury in Portland indicted Frost on seven counts related to cocaine distribution and money laundering.
Frost entered guilty pleas to one count each of cocaine distribution and money laundering. He agreed to forfeit all seized assets tied to the offenses.
He faces up to life in prison with a mandatory minimum sentence of ten years, as well as potential fines totaling $10 million and five years of supervised release. Sentencing is scheduled for January 7, 2026.
The investigation was led by the Federal Bureau of Investigation, Multnomah County Sheriff’s Office, Homeland Security Investigations, and the Asset Recovery and Money Laundering Unit at the United States Attorney’s Office. Assistant U.S. Attorneys Kemp Strickland and Christopher Cardani are prosecuting the case.
