A management consultant charged with violating the Iran Trade Embargo has been denied bail. Federal prosecutors in Manhattan said his strong ties to Iran make him likely to flee.

Federal Judge John Keenan ordered Mahmoud Reza Banki held until his March trial. He is charged with breaking money transfer laws when he and relatives transferred money to each other.

Banki was arrested Thursday, accused of operating an unlicensed money transfer business.

The 33-year-old Manhattan resident took the unusual step of speaking at his bail hearing Monday. He said he is innocent and intends to prove it.

Prosecutors said Banki operated the money transfer business for the last four years.