Portland, Ore. (AP) — A Tigard man has pleaded guilty to operating an illegal money transferring operation that funneled more than $172 million in and out of the United States.
Assistant U.S. Attorney Allan Garten says Victor Kaganov, a naturalized citizen who emigrated from Russia in 1998, set up numerous shell corporations in Oregon on behalf of Russian clients.
Through these corporations Kaganov made around 4,200 illegal wire transactions to 50 countries. He would wire the money based on instructions from his clients.
The 69-year-old Kaganov entered a guilty plea on Tuesday. He faces a maximum five years in prison and a fine of $250,000. Garten says the government would not recommend a sentence over 18 months as part of the plea deal.
Oregon law requires a license to operate a money transmitting business.