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SACRAMENTO MAN FACES FIVE-YEAR SENTENCE FOR MONEY TRANSFERS
The Business Review
Feb 12 2008
A 40-year-old Sacramento man pleaded guilty Tuesday to operating a
money-transmitting business, transferring large amounts of money for
customers from local banks to Armenia.
Arsen Abramyan, who operated the Little Armenia Gift Shop in Rancho
Cordova, would make large deposits in his accounts at local banks --
including Bank of America, Washington Mutual and Wells Fargo Bank --
and transfer funds to Armenia. He was warned orally and in writing
that he was breaking the law by conducting a money-transmitting
business without proper federal registration, but Abramyan continued
the practice from April to December 2005, according U.S. Attorney
McGregor Scott said in a news release.
Abramyan will be sentenced 9:30 a.m. April 29. He faces a maximum
five-year sentence and $250,000 fine.
The Business Review
Feb 12 2008
A 40-year-old Sacramento man pleaded guilty Tuesday to operating a
money-transmitting business, transferring large amounts of money for
customers from local banks to Armenia.
Arsen Abramyan, who operated the Little Armenia Gift Shop in Rancho
Cordova, would make large deposits in his accounts at local banks --
including Bank of America, Washington Mutual and Wells Fargo Bank --
and transfer funds to Armenia. He was warned orally and in writing
that he was breaking the law by conducting a money-transmitting
business without proper federal registration, but Abramyan continued
the practice from April to December 2005, according U.S. Attorney
McGregor Scott said in a news release.
Abramyan will be sentenced 9:30 a.m. April 29. He faces a maximum
five-year sentence and $250,000 fine.