A local businessman admitted to major financial misconduct involving millions in false transactions, pleading guilty to charges in federal court.
KEARNY, NJ – Ali Hassanein, owner of Galaxia International Inc., faced the law’s gavel on October 15, 2024, in Camden’s federal court. At 68 years old, the Kearny resident acknowledged his role in filing more than $325 million in fraudulent currency transaction reports and engaging in unlicensed money transmitting operations, as announced by U.S. Attorney Philip R. Sellinger.
From 2019 to February 2023, Hassanein’s company, which operated in New Jersey and beyond, was legally obligated to file accurate currency transaction reports (CTRs) for dealings exceeding $10,000. These reports should detail transaction locations and identify individuals involved. However, Hassanein consistently misreported that these transactions occurred at Galaxia’s licensed East Orange location, whereas many took place in unlicensed sites in Jersey City and Kearny. Moreover, the reports failed to disclose the actual conductor of the transactions—a conspirator who also ran an unlicensed money transmitting business, with Hassanein’s assistance.