Fifth Avenue Tower Co-Owner An Iranian Front, Judge Rules

By Kaitlin Ugolik (September 16, 2013, 5:55 PM EDT) -- A New York federal judge on Monday ordered two Iran-related entities to forfeit ownership of a building at 650 Fifth Ave. in Manhattan, finding that the entities acted as a front for Iran and laundered money through their purported ownership and management of the building.

U.S. District Judge Katherine B. Forrest ruled that all of the assets at issue in litigation brought by the U.S. government against Assa Corp., Assa Co. Ltd. and the Alavi Foundation are subject to forfeiture, stopping the case short of a trial. 

"The court has found that, based on the uncontroverted record evidence, Assa was (and...

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