Tuesday, March 27, 2018

Montreal men indicted in illegal U.S. online money-laundering operation

Ferhan Patel, 37, and his brother Firoz, 43, are charged with conspiring to operate an unlicensed money transmitting business. If convicted, they each face maximum sentences of 25 years. The Patel brothers are the founders and operators of Payza.com, Egopay.com and AlertPay.com The internet-based unlicensed money service business processed more than $250 million in transactions.
Customers included Ponzi schemes, pyramid schemes and a child pornography site. The Patels opened bank accounts in the United States and laundered their illegal proceeds through those accounts. The alleged conspiracies began in 2012. Firoz Patel