Portland cash lender convicted on federal charges
A Portland businessman has been convicted in U.S. District Court on 55 counts of evading federal reporting requirements for around $500,000 in cash transactions.
Habib Munye, 55, could face up to 10 years in prison and a fine of up to $500,000 on each count for transactions conducted while he worked as a local agent for the international money transfer company Dahabshil, the Portland Press Herald reported.
Investigators charged Munye with setting up over $530,000 in cash transactions, including money orders and cash deposits, in a way to avoid federal reporting rules that require financial institutions to track transactions of more than $10,000.
The law also requires a financial institution to verify the identity of anyone who uses cash to purchase more than $3,000 of money orders, another requirement investigators said Munye evaded.
The paper reported that federal agents seized computers in February of 2010 from three Portland businesses providing money transfers.
Sentencing for Munye will be scheduled for a later date.
Most Recent
Most Recent
Comments