Karell Cordero, Unlicensed Money Transmitter Business, Florida 2024

Karell Cordero, 40, of Hialeah, Florida, has been sentenced to 30 months in prison for operating an unlicensed money transmitter business, a crime that has landed him in hot water with federal authorities.

Cordero, who owned and operated K & Y Multiservices in Hialeah, was found guilty of failing to file Currency Transaction Reports (CTRs) and illegally sending money to Cuba. Between June 2012 and May 2014, Cordero handled approximately $800,000 in foreign currency exchanges and transmissions of money to Cuba without filing CTRs or otherwise reporting the money to any governmental regulatory or law enforcement agencies as required by law.

According to court documents, Cordero received euros and exchanged them for U.S. dollars, often involving sums of tens of thousands of dollars. However, he did not submit CTRs or other forms or reports that must be submitted to the Treasury Department. On occasion, Cordero conducted these transactions to exchange money knowing it was derived from unlawful activity.

Law enforcement officers monitored two separate meetings where Cordero exchanged 240,000 euros for $326,900 in U.S. currency. Cordero was told that the money was from Mexico and came from drug dealers. Cordero did not file a CTR or any other required report on either occasion.

Cordero's business also involved collecting money from various persons in the United States who wanted to send it to persons in Cuba. He used many of the euros he obtained from his money exchange business for this purpose, collecting a fee for his services. Cordero knew that he was prohibited under U.S. law from sending currency from the United States to Cuba.

Cordero agreed to forfeit $480,622 in United States currency representing the funds seized in connection with the offense. U.S. Attorney Wifredo A. Ferrer commended the investigative efforts of ICE-HSI, IRS-CI, and the DEA. This case is being prosecuted by Assistant U.S. Attorney Frank H. Tamen.

The defendant will serve 30 months in prison, followed by two years of supervised release. Karell Cordero, 40, of Hialeah, Florida, was the owner of the unlicensed money transmitter business. The crime occurred between June 2012 and May 2014. The case was prosecuted by Assistant U.S. Attorney Frank H. Tamen, and it involved approximately $800,000 in foreign currency exchanges and transmissions of money to Cuba.

Source: https://www.justice.gov/usao-sdfl/pr/owner-unlicensed-money-transmitter-business-sentenced-failing-file-currency-transaction