June 21, 2021
A federal judge sentenced a California businessman Friday to 2½ years in prison for his role as the "mastermind" behind a scheme that duped banks into processing around $150 million in cannabis-related purchases, according to The Wall Street Journal.
Hamid "Ray" Akhavan and his co-defendant, German e-commerce consultant Ruben Weigand, were convicted in March on one count apiece for conspiracy to commit bank fraud.
The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.
Don't Take Chances with your Cannabis Business
PowerQwest provides fully compliant ATMs to provide your customers with the cash they need and smart safes to ensure your cash is secured on-site.
Email us at info@powerqwestfinancial.com or call 888.971.3116.
Originally published by BankingDive