In a hearing before U.S. Magistrate Judge David Bartick, Francisco Cuevas, 38, admitted that he and co-conspirators operated an unlicensed money transmitting business, in criminal violation of the Bank Secrecy Act, and conducted nearly $12 million worth of international financial transactions in an attempt to promote their unlicensed money transmitting business.
According to the plea agreement, Cuevas and his coconspirators operated a commercial enterprise willing and able to transfer cash on behalf of third parties without registering the business with the Secretary of the Treasury, as required by Title 31, United States Code, Section 5330. In turn, the defendants’ customers availed themselves of Cuevas’ services, and those of his alleged co-conspirators, to collect cash anywhere throughout the United States, and transmit it anywhere in the world. The defendants obtained commissions for their services, extracting a fee from the millions of dollars transmitted abroad.
U.S. District Court Judge Roger Benitez. Judge Bartick allowed Cuevas to remain on pretrial release, pursuant to the terms of a bond posted by Cuevas. He is scheduled to be sentenced on September 21.
If convicted, Cuevas faces a maximum penalty of 20 years’ imprisonment, $500,000 fine, and forfeiture