A West Haven man has been indicted for operating an unlicensed money transferring business, authorities said.

William McNeilly, of New Haven, allegedly created two businesses without obtaining a license from the state Department of Banking. Police said the businesses were used to exchange cryptocurrencies for customers' cash, checks, and money orders.

McNeilly is accused of transferring more than $1 million through his businesses, some of which came from illegal sources, including romance fraud schemes, authorities said.

He faces up to 35 years in prison if convicted.