Texas residents convicted of attempting to buy sanctioned Iranian oil to sell to China 

Two Texas residents have been convicted on charges of attempting to violate US sanctions under the International Emergency Economic Powers Act (‘IEEPA’) in a conspiracy to buy Iranian oil, mask its origins and sell it to a refinery in China.

In 2019 and early 2020, Zhenyu ‘Bill’ Wang and Daniel Ray Lane ‘also attempted to conceal their illegal transactions by obtaining foreign passports, engaging in sham contractual agreements, and conspiring to launder the proceeds of the sale through shell entities and offshore financial accounts,’ the Department of Justice (‘DOJ’) said, 17 November. 

The defendants each face a maximum penalty of 45 years in prison – five years for conspiracy to violate IEEPA and 20 years for each attempting to violate the IEEPA and conspiracy to commit money laundering counts. They are scheduled to be sentenced on 9 February.  

https://www.justice.gov/opa/pr/two-men-found-guilty-conspiracy-sell-sanctioned-iranian-petroleum