Car Audio Co. Fined $4M For Violating Iran Sanctions

By Benjamin Horney (July 28, 2014, 2:41 PM EDT) -- The U.S. Department of the Treasury said Friday that California-based electronic components manufacturer Epsilon Electronics Inc. must pay $4.07 million as a penalty for illegally selling car audio and video equipment to a company that re-exports products to Iran.

The Office of Foreign Asset Control alleges that between August 2008 and May 2012, Epsilon and its offshoot businesses, which include Power Acoustik Electronics, Sound Stream, Kole Audio and Precision Audio, issued 39 invoices for car audio and video equipment valued at $3.41 million to Asra International Corp. LLC. Asra is known to re-export products to Iran and Epsilon's actions constitute a...

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