Boston businessman sentenced for illegal money transfers to the UAE
Mohamed Hussein, a 33-years old Boston resident, was sentenced this week in US federal court to one and a half years in prison, to be followed by two years of supervised release. Hussein was convicted on April 30, 2002, following a four-day trial, of running an illegal foreign money transmittal business without a license issued by the state of Massachusetts.
Hussein’s company, Barakaat, wired nearly three million dollars to the United Arab Emirates (UAE) after having been warned that Barakaat was running an illegal operation. The company was closed last year as part of a nation-wide crackdown on money transfer operations suspected of helping finance bin Laden's terrorism network.
Hussein has been in federal custody since his arrest on November 7, 2001. According to the evidence presented at trial, in August 2000, Barakaat North America, Inc., filed an application with the Massachusetts Division of Banks and Loan Agencies for a license to receive deposits and transmit money overseas.
Barakaat North America, Inc. never received a license from the state and was twice warned by the division that it was engaging in criminal conduct if it was operating without a license. The jury concluded that the company continued to accept deposits from individuals and transmit the funds overseas.
Hussein's brother, Liban Hussein, the president of Barakaat, was also charged in November of 2001 in the indictment. Those charges are still pending. Liban Hussein is currently in Canada. The Canadian government has declined to proceed with the US government's extradition request. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
- Boston businessman convicted of illegal money transfers to the UAE
- Arizona businessman charged with violating Iran embargo
- Illegal Residents in Lebanon Receive Sentences
- Report: Israeli police investigate why Sharon got $1.5 million from South African businessman
- Israeli lawmakers urge Sharon to resign over money laundering scandal