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DOJ Charges Individuals with Conspiring to Purchase Iranian Oil in Violation of U.S. Sanctions

The DOJ charged five U.S.-based individuals with conspiracy and violations of the Emergency Economic Powers Act (or "IEEPA") by arranging for the purchase of oil from the Republic of Iran.

According to the DOJ, the individuals planned to sell the oil purchased from Iran to one of the individuals' refineries in China. The DOJ alleged that the individuals further conspired to:

  • launder money through the one individual's China-based refinery; and
  • designate a Polish shell corporation as the straw seller of the illicit oil.

In addition, the DOJ found that two of the individuals applied for foreign passports in order to establish offshore accounts and avoid detection by the United States.

The DOJ stated that the individuals, if convicted, could each receive a maximum 25-year prison sentence and face a fine of up to $1.25 million.

Primary Sources

  1. DOJ Criminal Complaint: Nicholas Hovan, Zhenyu Wang, Robert Thwaites, Nicholas James Fuchs and Daniel Ray Lane
  2. DOJ Press Release: Four Texans, One New Yorker Arrested for Conspiracy to Sell Sanctioned Iranian Oil to Refinery in China for Huge Profit

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Tags

Regulated Activities
Sanctions Compliance
Sub-Activity
Sanctions Based on Country
Regulated Products
Energy Products
Body of Law
Sanctions
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
China , Iran
Organization
Other Author Organizations
Sub-Author
DOJ