On January 8, 2010, Immigration and Customs Enforcement (ICE) agents arrested Mahmoud Reza Banki after an indictment charging him with violating the US sanctions on Iran and operating an unlicensed money transfer business between the United States and Iran. According to the indictment, from January 2006 to September 2009, Banki allegedly provided money transmitting services to residents of Iran by receiving approximately US$4.7 million in wire transfers from companies and individuals located in Saudi Arabia, Kuwait, Latvia, Slovenia, Russia, Sweden, the Philippines, the United States and other countries in a personal bank account he maintained at Bank of America in Manhattan. After receiving the funds, Banki allegedly disbursed an equivalent amount of Iranian currency to intended recipients residing in Iran with the help of an Iran-based co-conspirator. Banki also allegedly used specific funds transferred into his Bank of America account to make joint investments in the United States with the co-conspirator. Banki is charged with violating IEEPA, various Executive Orders, and OFAC regulations, in addition to operating an unlicensed money transmitting business and conspiracy to commit those crimes. If convicted, Banki faces a maximum sentence of five years in prison on each of the conspiracy and unlicensed money transmitting counts, and 20 years in prison for violating IEEPA.