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Aug. 16 (Bloomberg) -- Former McKinsey & Co. consultant Mahmoud Reza Banki was sentenced today to 2 1/2 years in prison for violating the Iran trade embargo and running an unlicensed money-transfer business.

Banki, a naturalized U.S. citizen born in Iran, was accused of running a “value-transfer” business that essentially moved money to residents of Iran from 2006 to 2009 in violation of the U.S. embargo. Banki received about $4.7 million as part of the transfer process and used the money to buy a $2.4 million condominium, invest in securities and pay credit-card bills, the government charged.

“I deeply regret everything that has happened,” Banki told U.S. District Judge John Keenan before his sentencing. “I will learn from it and be a better man.”

Keenan said sentencing guidelines called for 63 to 78 months, which he said was too long. He called Banki “a highly educated young man” who was unlikely to return to criminal activity. Banki, 35, has a PhD from Princeton University in chemical engineering.

Banki’s friends and family filled the courtroom to hear the sentencing. Before being led out, Banki said to them: “Thank you all for coming. Sorry.”