23°Partly Cloudy

Reston Man Pleads Guilt on Felony Trade Charges

by Karen Goff March 7, 2014 at 9:30 am 0

Credit: FBI A Reston man who federal officials said sold $250,000 worth of machinery parts from American manufacturers to Iranian companies pleaded guilty to felony charges in U.S. Federal Court in Alexandria on Thursday.

Vahid Hosseini, 62, ran a business called Sabern Industries from his home in Reston, FBI officials said.

Hosseini pleaded guilty to conspiracy to violate the Iranian Transactions and Sanctions Regulations under the International Emergency Economic Powers Act (IEEPA) and a separate count of money laundering. Hosseini faces a maximum penalty of 15 years in prison and fines totaling $250,000 when he is sentenced on June 6.

From the FBI:

In a statement of facts filed with the plea agreement, from at least as early as January 2008 to July 2013, Hosseini operated a business known as Sabern Instruments from his residence in Reston. Through this business, Hosseini procured more than $250,000 worth of goods from over 60 American manufacturers, which he then repackaged and shipped to entities in Iran.

The list of high-tech goods included tachometers, power supply instruments, high-temperature probes, ammonia test tubes, valves, and machinery parts, all of which are used in a variety of commercial applications, including power plants. Hosseini routed these shipments through the United Arab Emirates (UAE) in an attempt to disguise the fact that the items were destined for Iran. Such exports are prohibited without a license issued by the Treasury Department’s Office of Foreign Assets Control.

In a related money laundering scheme, Hosseini had over $700,000 wired into his company business account from entities in Iran and the UAE, much of which was derived from his illegal export business. He then unlawfully withdrew money from his business account for personal expenditures.

×

Subscribe to our mailing list