Epsilon Electronics Inc. Assessed a Penalty for Violating the Iranian Transactions and
Sanctions Regulations. Epsilon Electronics Inc. (“Epsilon”), Montebello, California, also doing
business as Power Acoustik Electronics, Sound Stream, Kole Audio, and Precision Audio, has
been assessed a penalty of $4,073,000 for violations of the Iranian Transactions and Sanctions
Regulations (the “ITSR”), 31 C.F.R. part 560.1
From on or about August 26, 2008, to on or
about May 22, 2012, Epsilon violated § 560.204 of the ITSR when it issued 39 invoices for car
audio and video equipment, valued at $3,407,491, which was shipped to a company that
reexports most, if not all, of its products to Iran and has offices in Tehran, Iran, and Dubai, the
U.A.E. Epsilon knew or had reason to know that such goods were intended specifically for
supply, transshipment, or reexportation, directly or indirectly to Iran. In addition, Epsilon issued
five of these invoices after it received a cautionary letter from OFAC in January 2012. The
cautionary letter explained that the ITSR generally prohibited the unauthorized exportation,
reexportation, sale or supply of goods, technology, or services to Iran.
Sanctions Regulations. Epsilon Electronics Inc. (“Epsilon”), Montebello, California, also doing
business as Power Acoustik Electronics, Sound Stream, Kole Audio, and Precision Audio, has
been assessed a penalty of $4,073,000 for violations of the Iranian Transactions and Sanctions
Regulations (the “ITSR”), 31 C.F.R. part 560.1
From on or about August 26, 2008, to on or
about May 22, 2012, Epsilon violated § 560.204 of the ITSR when it issued 39 invoices for car
audio and video equipment, valued at $3,407,491, which was shipped to a company that
reexports most, if not all, of its products to Iran and has offices in Tehran, Iran, and Dubai, the
U.A.E. Epsilon knew or had reason to know that such goods were intended specifically for
supply, transshipment, or reexportation, directly or indirectly to Iran. In addition, Epsilon issued
five of these invoices after it received a cautionary letter from OFAC in January 2012. The
cautionary letter explained that the ITSR generally prohibited the unauthorized exportation,
reexportation, sale or supply of goods, technology, or services to Iran.
TREASURY.GOV
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