A Cuban-born South Florida resident is being held without bail on charges he funneled $31 million in proceeds of Medicare fraud into banks in Cuba.

Oscar Sanchez, 46, collected fees for laundering the ill-gotten money on behalf of the organizers of the fraud, which operated through 70 Florida companies, federal prosecutors said.

Sanchez moved $31 million of the money to accounts opened in Canada, the Caribbean and finally in Cuba, according to the U.S. Attorney's Office.

Prosecutors said they can prove that Sanchez, a naturalized U.S. citizen, laundered as much as $50 million from Medicare fraud and was involved in the money-laundering business.

For that reason, if Sanchez is found guilty of the charges being brought against him, he faces up to 20 years in jail. EFE