A former McKinsey & Co. management consultant was arrested Thursday on charges he operated an unlicensed money-transfer business between the U.S. and Iran, violating a U.S. trade embargo, prosecutors said Thursday, The Wall Street Journal reported.
Mahmoud Reza Banki, 33, was charged with conspiracy, violating the International Emergency Economic Powers Act and conducting an unlicensed money-transmitting business. He faces up to 20 years in prison on the IEEPA violation count.