Manhattan District Attorney Alleges Chinese Individual and Company Misused NY Banks to Provide Material Support for Iran
Manhattan District Attorney Robert M. Morgenthau today announced that an 118-count indictment (pdf) was brought by a grand jury in New York County against Li Fang Wei, a Chinese citizen and his company for charges relating to the misuse of New York City banks and the proliferation of illicit missile and nuclear technology to the Government of Iran. The Chinese company, known as LIMMT, is an alleged supplier of prohibited weapons material to the Iranian military and was designated by the Treasury Department Office of Foreign Assets Control (OFAC) in 2006 for providing material support to Iran's missile program.
The indictment alleges that the defendants engaged in fraudulent business practices to gain access to the U.S. financial system. The defendants were each indicted on 117 counts of Falsifying Business Records in the First Degree, which is punishable by up to 1⅓ to 4 years in prison, and one count of Conspiracy in the Fifth Degree, which is punishable by up to 1 year in prison.
In a related action, OFAC today designated Li Fang Wei (spelled Li Fangwei by OFAC) and the names of eight LIMMT front companies as aliases on the list of Specially Designated Nationals under Executive Order 13382 for their connection to Iran's missile proliferation network.
The front companies include Ansi Metallurgy Industry Co. Ltd.; Blue Sky Industry Corporation; Dalian Carbon Co., Ltd.; Dalian Sunny Industry & Trade Co., Ltd.; Liaoning Industry and Trade Co., Ltd; SC (Dalian) Industry & Trade Co., Ltd.; Sino Metallurgy & Minmetals Industry Co., Ltd; and Wealthy Ocean Enterprises Ltd.