- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-12-16T19:20:00
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) said Friday.
The U.S. has imposed trade sanctions against nations, including Cuba and Iran, that it believes pose a threat to American national security, foreign policy, or the economy. The sanctions are specific to each nation but generally prohibit U.S. companies, or companies that conduct business in the U.S., or U.S. persons from engaging in transactions with sanctioned countries.
The trouble for C.H. Robinson began after it made a series of acquisitions of overseas freight and logistics firms, including companies in Australia, Canada, China, Peru, and Spain.
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German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
McKinsey & Co. will pay $650 million in penalties to the U.S. Department of Justice (DOJ) to settle charges that it advised Purdue Pharma on how to “turbocharge” the sale of Oxycontin in the middle of the U.S. opioid crisis.
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
