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Over $230,000 in funds have been seized by United States Federal prosecutors in the state of New Jersey from a money processor known as “Tcash Ads” (trustcash.com).
The complaint, filed in New Jersey, notes that the company had a number of bank accounts they were managing in which they processed millions of dollars worth of payments for merchants. What’s worse: they were operating without any sort of financial license and had virtually nothing but basic contact information on file for their merchants.
The complaint notes that $1 million alone had gone to BitInstant. BitInstant, as you may know, is unable to obtain a bank account — thus closing their business.
Read more about this at Cointext.
