Payza and Two Canadian Brothers Accused of Operating an Unlicensed Money Service Business and Money Laundering

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March 20 2018

Two Canadian brothers have been indicted by a federal grand jury in the District of Columbia on charges alleging they operated an Internet-based unlicensed money service business that processed more than $250 million in transactions.

The indictment was returned earlier this month and unsealed today in the U.S. District Court for the District of Columbia. Firoz Patel, 43, and Ferhan Patel, 37, who live in the area of Montreal, Québec, are charged with one count of conspiracy to operate an unlicensed money transmitting business and to violate anti-money laundering program requirements, one count of a money laundering conspiracy and one count of operating an unlicensed money transmitting business in the District of Columbia.  If convicted, each of the brothers faces a maximum sentence of more than 25 years.