Newark Check Cashing Biz Didn't Have License, Owner Gets Jail Time
NEWARK, NJ — A New Jersey man will serve 60 months in prison after he was caught running an unlicensed check cashing business in Newark, federal prosecutors announced Thursday.
Fernando Q. Martins, 44, of Union Township, previously pleaded guilty to operating an unlicensed money transmitting business, the U.S. Attorney’s Office said.
According to court documents:
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“Martins previously admitted that from 2015 through June 19, 2019, he operated a business known as Community Check Cashing in Newark, despite holding no license, registration or permission from the U.S. Department of Treasury. He cashed checks for customers in New Jersey and New York, allowing them to cash checks written to shell companies to hide the identity of the customers receiving the cash.”
In his plea agreement, Martins stipulated that the loss amount was between $250 million and $550 million, prosecutors said.
In addition to the prison term, Martins was sentenced to three years of supervised release, fined $50,000 and ordered to forfeit $765,185.
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