TCash Ads Inc. ran an unlicensed money transmitting business that moved millions of dollars around the world through an illegal virtual currency service, U.S. Attorney Paul Fishman claimed in a civil lawsuit.
The case, filed in federal court in Newark, New Jersey, seeks forfeiture of $230,433 seized by the U.S. Secret Service from accounts held by Atlanta-based TCash and a related firm, Trustcash Holdings Inc. (TCHH) Funds were transferred by TCash to merchants, people and other money transmitters in Canada, Cyprus, the Philippines, China, Nepal and Australia, according to the complaint.
TCash lets people anonymously buy goods and virtual currency credits from entities registered with the service, according to a statement by Fishman. A TCash account can be used to pay any TCash-registered entity, including virtual currency exchanges and offshore accounts, Fishman said.
“Many individuals involved in narcotics, tax evasion, fraud, and other serious crimes must use financial institutions in order to launder or otherwise move their illicit funds,” according to the complaint. “These individuals frequently use financial institutions that maintain lax, or even non-existent, programs to detect and report suspicious activity.”
TCash moved millions of dollars from 2008 to 2012, according to the complaint.
Douglas Jensen, an attorney for TCash and one of its operators, Kent Carasquero, declined to comment on the case.
Rebekah Carmichael, a spokeswoman for Fishman, said the investigation is continuing.
The case is U.S. v. $230,433 in United States Currency, U.S. District Court, District of New Jersey (Newark).
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