SALT LAKE CITY, Utah, Sept. 1, 2020 (Gephardt Daily) — A Riverton man has pleaded guilty in federal court to operating an unlicensed money transfer business.
Justin Peck, 47, entered a plea of guilty to one count of operating an unlicensed money transmitting business in federal court in Utah recently, admitting that he owned several companies that were operating as unlicensed money transmitting businesses from as early as 2012 through sometime in 2019, a statement from the Department of Justice says.
“As a part of a plea agreement reached with federal prosecutors, Peck stipulated that his companies that did not comply with federal law and regulations for money transmitting business registration requirements.
“Specifically, Peck admitted he received checks from general contractors for drywall labor. He cashed those checks and deliver the money to subcontractors or other individuals who were responsible for paying the laborers. For his services, Peck would keep a fee of 6-10% of the contractor’s check. From 2012 through 2019, Peck transmitted at least $58,248,103.38.”
Investigators believe the purpose of the business was to avoid employment taxes and higher workers compensation premiums, the statement says.
Peck waived indictment and was charged in a Felony Information filed in July 2020.
“Peck earned significant income through his business and failed to report it on his personal taxes. As a part of his plea agreement, Peck agreed to file accurate and complete personal tax returns for the tax years 2012-2017. He also agreed to forfeit his interest in property.”
Peck faces up to five years in prison when he sentenced Nov. 5, 2020, by U.S. District Judge Howard C. Nielson, Jr.