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Person allegedly engaged in unlicensed money transmitting business arrested
Federal agents arrested on Friday a person who allegedly conducted an unlicensed money transmitting business involving at least $501,800.11 in U.S. currency on Saipan in 2014 to 2015.
Hong Mei Xu was served with an arrest warrant issued by U.S. District Court for the NMI Chief Judge Ramona V. Manglona last Aug. 5.
Manglona issued the arrest warrant after a federal grand jury indicted Xu with one count of conducting an unlicensed money transmitting business.
The indictment was filed in court last Aug. 5, but the court sealed the case following the U.S. government’s request.
In the U.S. government’s motion to seal, assistant U.S. attorney Russell H. Lorfing disclosed that there is an ongoing investigation and that premature disclosure of the records may jeopardize that investigation.
With the arrest of Xu, the U.S. government moved to unseal the matter. The court granted the motion.
According to the indictment, beginning Nov. 22, 2014 and continuing until Aug. 3, 2015, Xu knowingly conducted an unlicensed money transmitting business that failed to comply with the money transmitting business registration requirements under the U.S. law.
Upon conviction of Xu for the offense, the prosecution seeks forfeiture to the U.S. government all property involved in the illegal money transmitting offense.
At least $501,800.11 in U.S. currency was involved in the illegal money transmitting offense, according to the indictment. The indictment did not include details how Xu operated the illegal transmitting business.
