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US Department Of Justice Charges Payza Founders In $250 Million Money Laundering Case
Summary: Founders of digital payments processor Payza have been sentenced to a year minimum in prison in addition to forfeiting $4.5 million in seized assets for breaking federal money transmission laws, the U.S. Department of Justice said in a recent announcement. Brothers Firoz and Ferhan Patel pled guilty to a slate of charges associated with their payments ...
Founders of digital payments processor Payza have been sentenced to a year minimum in prison in addition to forfeiting $4.5 million in seized assets for breaking federal money transmission laws, the U.S. Department of Justice said in a recent announcement.
Brothers Firoz and Ferhan Patel pled guilty to a slate of charges associated with their payments startup Payza. Prosecutors said the unlicensed firm processed more than $250 million, including funds known to be associated with crime, to which the brothers pled guilty to, as reported by Coindesk.
On Tuesday, Firoz received a 36-month sentence and Ferhan an 18-month sentence from U.S. District Court in Washington, D.C. Payza will be in corporate probation for the next three years.
By Emily Mason
Tags: Federal Money Transmission Laws,Payza,US Department of Justice
Link: US Department Of Justice Charges Payza Founders In $250 Million Money Laundering Case [Copy]
