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Payza victims urged to file remission petitions

The DOJ is requesting Payza victims to file a petition for remission. It should be noted upfront that there is no guarantee filing a petition will result in partial or full recovery.

Firoz Patel to forfeit over $4 million laundered through Payza

As part of his guilty plea in the $250 million Payza money laundering case, Firoz Patel will personally forfeit over $4 million dollars.

Payza co-founders plead guilty to money laundering

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.

Payza money laundering case heading toward plea deals

A March 12th status conference in the Payza case has been rescheduled for April.

SolidTrust Pay shutting down, cites regulatory conditions

Payment processor SolidTrust Pay has announced it is terminating business operations on April 1st, 2020.

Payza money laundering indictment resolutions on horizon

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.

FTC sues Allied Wallet for assisting scams with stealing $110 million

Payment processor Allied Wallet has been sued by the FTC for violations of the FTC Act. The regulator alleges Allied Wallet assisted “business opportunity and coaching scams, pyramid schemes, and unlawful debt collection operations” with illegally charging over $110 million to consumer accounts.

Payza settles $13.1 mill Zeek clawback with consent judgment

Payza, one of the three parties the Zeek Receiver is pursuing over a $13.1 million clawback, has agreed to a consent judgment for the full amount owed.

Firoz Patel pleads not guilty to Payza money laundering, bond set

Payza co-founder Firoz Patel has pleaded not guilty to charges relating to money laundering. Patel also entered a plea of not guilty on behalf of Payza’s parent company, MH Pillars.

Firoz Patel turning himself in to face Payza money laundering charges

After roughly ten months of being a fugitive, Firoz Patel is turning himself in. Last March Firoz and his brother Ferhan were indicted on money laundering charges related to Payza. The DOJ alleged that through Payza, the Patel brothers laundered over $250 million dollars for “child pornography rings and other criminal enterprises”. Some of the criminal [Continue reading…]