One of the operators of an unlicensed San Diego-based money transmitting business pleaded guilty Tuesday to federal charges.
Francisco Cuevas, 38, admitted that he and his co-conspirators participated in a money laundering conspiracy and illegally conducted nearly $12 million worth of international financial transactions.
According to the plea agreement, Cuevas and his co-conspirators transferred cash on behalf of third parties without registering the business with the Secretary of the Treasury.
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, according to the U.S. Attorney’s Office.
Cuevas is scheduled to be sentenced Sept. 21.
— City News Service