2nd Circ. Nixes Conviction For Iran Money Transfer System

Law360, New York (October 24, 2011, 4:23 PM EDT) -- The Second Circuit on Monday reversed a former McKinsey & Co. consultant's convictions for violating a trade embargo against Iran by operating an informal money transferring system intended to distribute funds to the country.

The appeals court completely overturned Mahmoud Reza Banki's convictions on two charges of violating U.S. trade regulations prohibiting trade with Iran, and vacated and remanded for a new trail his conviction on one charge of running an unlicensed money transfer business. However, the Second Circuit upheld Banki's convictions on two counts of...
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