I held off reporting on the Payza case outcome as I wanted to go off the official case files. Pacer hasn’t updated yet but, courtesy of the Montreal Gazette, we know how the November 10th sentencing hearing went down.
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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.
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 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.
A March 12th status conference in the Payza case has been rescheduled for April.
Payment processor SolidTrust Pay has announced it is terminating business operations on April 1st, 2020.
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.
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, 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.
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.