As part of his guilty plea in the $250 million Payza money laundering case, Firoz Patel will personally forfeit over $4 million dollars. As per a consented to Final Order of Forfeiture filed on August 17th, Patel will forfeit $4 million in Payza funds seized in November 2013; $100,000 in Payza funds seized in February […]
Firoz Patel to forfeit over $4 million laundered through Payza Read More »
Payza co-founders Firoz and Ferhan Patel have pled guilty to money laundering fraud charges. The pair were indicted back in March 2018, with the guilty plea bringing criminal proceedings against them to a close. News of the Patel’s guilty pleas broke back in March, we’d been waiting for further news since then. Formally, Firoz and
Payza co-founders plead guilty to money laundering Read More »
A March 12th status conference in the Payza case has been rescheduled for April. In our last case update (November 2019), negotiations between the DOJ and Patel defendants suggested case resolution was imminent. Those negotiations are ongoing, meaning we haven’t had a solid case update since January 2019. As per a March 4th motion to
Payza money laundering case heading toward plea deals Read More »
Payment processor SolidTrust Pay has announced it is terminating business operations on April 1st, 2020. The crackdown on scam friendly payment processors began in 2013 with Liberty Reserve. Payza was the next major processor to fall in 2018. SolidTrust Pay doesn’t reveal whether it’s under regulatory investigation, but does cite “regulatory conditions” as a reason
SolidTrust Pay shutting down, cites regulatory conditions Read More »
Our last update on the Payza indictments was Firoz Patel pleading not guilty back in January. Since then negotiations have been going on behind the scenes, leading towards what will likely be a plea bargain. On November 9th the DOJ filed a consent motion requesting a status conference date extension. The status conference had been
Payza money laundering indictment resolutions on horizon Read More »
