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.
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