Technology chief of payment processor Liberty Reserve sentenced to 5 years in prison

Markets Associated Press

The former technology chief for a payment processing company that prosecutors say was used by criminal websites has been sentenced in New York to five years in prison.

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Mark Marmilev was Costa Rica-based Liberty Reserve's chief technology officer. Law enforcement shut down the company in May 2013.

Marmilev, an Israeli citizen, was born in Ukraine and moved to Brooklyn a decade ago. Manhattan federal Judge Denise Cote announced his sentence Friday. He got the maximum term.

Marmilev pleaded guilty earlier this year to conspiring to operate a money transmitting business that failed to comply with federal registration requirements.

He told Cote he was "truly sorry."