WASHINGTON — Earlier this month a federal court sentenced Karen Gasparian, head manager of a Los Angeles check-cashing company, to five years in jail after she pleaded guilty to a series of money laundering charges. The company's compliance officer, Humberto Sanchez, was sentenced to eight months.

G&A Check Cashing was fined nearly $1 million and will be on probation for two years. Gasparian and the company were also ordered to forfeit just under a quarter million dollars related to funds that had moved through the check cashing company illegally.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.