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The grandson of investment guru Dean Witter has been charged with masterminding a scheme to launder money for undercover agents posing as drug dealers.

David Witter, a Palm Beach Gardens investment broker, was arrested Monday in a sting that also netted five others. He is charged with five counts of conspiracy and money-laundering and two counts of attempted money-laundering.A spokesman for Dean Witter said that David Witter had never worked for the company his grandfather founded, and that the company had no connection to the younger Witter's business, Huntington, Witter and Co.

Defense attorney Richard Lubin did not immediately return a phone call this morning seeking comment.

Federal agents said Witter, 43, moved $113,000 - cash he was told had come from drug sales - to the Cayman Islands and Austria. Witter is also accused of trying to launder $1 million through a Fort Lauderdale pawn shop.

Richard Kapouch, IRS special agent, said Witter and another defendant were arrested as they left a hotel room in West Palm Beach, where they had just finished discussing how to launder larger amounts of money through a bank in Austria.

At one point, Witter indicated he would be willing to launder as much as $10 million, according to Assistant U.S. Attorney Robert Cornell.

"There was really no end to the amount of money Mr. Witter was willing to launder," Cornell told U.S. Magistrate Ann Vitunac on Tuesday at Witter's bond hearing.