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Las Vegas man pleads guilty in currency exchange case

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LAS VEGAS (AP) — A Las Vegas man has pleaded guilty in federal court to operating an unlicensed money transmitting business as part of an investigation into an illegal exchange operation involving U.S. and Chinese currency.

Liang Zhou admitted in a plea agreement Wednesday that he sold currency in U.S. dollars collected from various, occasionally unknown, third parties.

The IRS Criminal Investigation Las Vegas field office reported that the 37-year-old Zhou has forfeited $446,330 to the U.S. in the plea deal and could face a $250,000 fine and up to five years in prison when he is sentenced.