Acting U.S. Attorney Joon H. Kim announced Thursday the owners of Miami Equipment and Export Company were found guilty of operating an unlicensed money transmitting business and international money laundering.
Seventy-five-year-old Luis Diaz Jr. and 50-year-old Luis Javier Diaz transmitted more than $100 million from foreign businesses through and into the United States financial system, according to court documents.
Luis Diaz Jr. and Luis Javier Diaz utilized Doral, Florida-based Miami Equipment to effect the transmission of approximately $100 million from several entities outside the United States to bank accounts in the U.S. and elsewhere for a fee between 2010 and 2016.
Miami Equipment was not registered with the Financial Crimes Enforcement Network or the state of Florida, which is a requirement of money transmitting businesses.
The defendants allowed several foreign businesses to move money into and around the U.S. The company was utilized to transmit money on behalf of a large Venezuelan consortium of construction companies, KCT. After the money was received, the defendants were instructed in where to send it. To avoid detection, the defendants and others utilized fake contracts and invoices to make it appear as if the payments were for merchandise and services rendered to Miami Equipment.
Diaz Jr. and Javier Diaz are facing a maximum 25-year prison sentence. Their sentencing hearing is scheduled for March 2, 2018.