Payza founder convicted of $ 250 million in cash laundering
Founders of digital payments processor Payza will serve more than a year in prison and withhold $ 4.5 million in confiscated assets for violating federal funds transfer laws, the Department of Justice said.
Two brothers, Firoz and Ferhan Patel, both Canadians, pleaded guilty to a number of financial crimes in July committed by Payza, their international payments startup. Prosecutors said the unlicensed company processed more than $ 250 million, including funds known to be linked to crime, an allegation the brothers ultimately admitted.
On Tuesday, Firoz received a 36-month sentence and Ferhan received an 18-month sentence in the US District Court in Washington, DC. Your Payza company (aka MH Pillars) will be on probation for the next three years.