“These convictions will remind criminals that the United States will do everything within its power to take the profit out of crime and convict those who enable fraud.”
The defendants operated a money transmitting business without required state licenses. They also engaged in money-laundering on behalf of customers engaged in Ponzi schemes, pyramid schemes, and other criminal enterprises.
They continued the illegal activities even after they received cease and desist letters from State regulators and being advised by a consultant that continuing to operate without the necessary licenses was a crime.
Firoz Patel admitted that when AlertPay received repeated warnings from states about its unlicensed status, they transitioned into Payza. Firoz was also indicted in Tennessee for laundering narcotics proceeds through AlertPay.
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