A Massachusetts man will face a judge Thursday morning on drug charges in what Revere police say was one of their largest seizures of money.
Police arrested Peter Degan, 61, of Winthrop, on Wednesday in Revere. He was charged with seven counts of distributing class B cocaine and one count of trafficking class B cocaine as a result of a lengthy investigation.
Police also executed a search warrant at his home, where they said over two kilos of cocaine were seized along with materials used for the packaging and distribution of narcotics. In addition, a large cache of money which totaled over $725,000 was found and seized.
Revere Police Chief James Guido said the investigation was part of a larger one called Operation Waterfront, which targets narcotics dealing in local bars in the Shirley Avenue and Revere Beach area.
Guido said the operation will result in the arrest of five additional suspects.
"This case exemplifies that our officers are working diligently to keep our streets safe. Narcotics dealing on our streets and within our businesses will not be tolerated and we continue to work hard to keep our beach area and our City a place where residents and visitors alike can feel safe to visit," Guido said in a statement.
Degan is scheduled to be arraigned on the charges in Chelsea District Court. It's unclear if he has an attorney.