Iranian Businessman Convicted of Sanctions Violations
An Iranian businessman was convicted of violating U.S. sanctions after he funneled more than $115 million through the U.S. financial system for a Venezuelan construction project, the Justice Department said in a March 16 press release. Ali Sadr Hashemi Nejad funneled the money to his family business, the Stratus Group, which helped the Iranian International Housing Company work with U.S.-sanctioned Petroleos de Venezuela to build housing units in Venezuela. Nejad was convicted on several counts, including conspiracy to violate the International Emergency Economic Powers Act and money laundering, both of which carry a maximum 20-year prison sentence.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Nejad evaded U.S. sanctions to follow through on the $475 million project by hiding the role of Iranian parties when dealing with U.S. banks, the Justice Department said. This included changing the name of the Iranian International Housing Company to its initials, directing employees to “take down websites and articles from the internet,” lying about owners of the front companies he used, and altering payment vouchers and backdating contracts to mislead banks about the source of the funds.