OFAC Settles Case with Epsilon Electronics Over Audio, Video Shipments to Iran
The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a civil liability case with California-based Epsilon Electronics for $4,073,000 over violations of the Iranian Transactions and Sanctions Regulations, OFAC said on July 25. From 2008 to 2012, Epsilon allegedly…
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shipped car audio and video equipment to a firm overseas that reexports “most, if not all” its products to Iran. Epsilon issued invoices for several of the shipments after OFAC sent a warning letter to the company, OFAC said in the release. Epsilon also operates as Power Acoustik Electronics, Sound Stream, Kole Audio, and Precision Audio, OFAC said. The company had no compliance program at the time of the infractions and attempted to hide its indirect dealings with Iranian customers, OFAC alleged.