Epsilon, Epsilon
As we reported in a recent post, The Auto Sound and the OFAC Fury Part II, auto audio manufacturer Epsilon Electronics responded to the $4 million fine imposed by OFAC by filing a lawsuit with what we think has little…
Category Iran Sanctions
The Auto Sound and the OFAC Fury Part II
This blog previously reported the $4,073,000 fine imposed by the Office of Foreign Assets Control (“OFAC”) on Epsilon Electronics for selling automobile stereo equipment to a company in the UAE that resold the items to Iran. OFAC documents indicated that…
OFAC to Foreign Airlines: Iran Sanctions Trump Your Safety
Today the Office of Foreign Assets Control cryptically announced a change in its FAQs relating to foreign aircraft that overfly or make emergency landings in Iran. The agency merely stated that it had revised FAQ 417 without describing the difference…
Did Ron Jeremy Save This Export Defendant From Jail?
ABOVE: Touraj Ghavidel and Ron Jeremy The Bureau of Industry and Security just released settlement documents resolving allegations that Borna Faizy, Touraj Ghavidel and Signal Microsystems, Inc., illegally exported computer equipment from the United States to Iran. According to the…
Newest Sanctions Crime: Buying a Condo while Iranian-American
One of the possibly unintended consequences of the heavy fines imposed on banks by the Office of Foreign Assets Control (“OFAC”) for violations of the vaguely and confusingly written Iran sanctions regulations is that banks overreact, exhibiting a Pavlovian response…