New York isn’t too proud of Feroz Patel’s efforts to maintain Payza afloat.
On October twenty fourth the New York State Division of Monetary Companies issued Payza, founders Firoz and Ferhan Patel and related firms MH Pillars, OboPay and MH Pillars with a stop and desist.
The DoFS stop and desist discover alleges that by way of Payza, Firoz and Patel are illegally offering cash transmission providers to New York residents.
The DoFS declare Payza has transmitted over $3 million on behalf of New York residents.
The Division has decided that Firoz Patel and Ferhan Patel owned, managed, managed, supervised and directed the unlicensed cash transmission enterprise of Payza, Obopay and MH Pillars, Ltd.
The Division has decided that the Individuals transmitted greater than $3,303,462 for, or on behalf of, individuals residing or positioned in New York State and obtained charges in extra of $121,918.
With neither Payza or the Patel brothers being licensed, the transfers have been unlicensed and in violation of New York Banking Legislation.
A stop and desist to Payza was signed off on by the Superintendent of Monetary Companies and issued on October twenty fourth.
In associated information, the Payza cash laundering indictment case docket suggests Firoz Patel is both in custody or will probably be quickly.
A November thirteenth minute entry on the docket reads:
The events are nonetheless engaged on bond circumstances for DEFENDANT FIROZ PATEL.
I’ve been unable to establish whether or not Firoz has been arrested. Final we heard he was hiding out in Canada.
Firoz’s brother Ferhan was arrested on the time of the indictment. He has since been launched on private recognizance pending trial.
On the time of publication Payza’s post-indictment web site handle was returning a server error.