Two Texans Convicted for Attempting to Violate Sanctions on Iranian Oil

The defendants sought to purchase, disguise, and sell Iranian petroleum to a Chinese refinery, violating U.S. sanctions and engaging in money laundering.

• Zhenyu 'Bill' Wang and Daniel Ray Lane, both 42 and from Texas, were convicted for attempting to violate the International Emergency Economic Powers Act (IEEPA), conspiracy to violate IEEPA, and conspiracy to commit money laundering in connection with their attempt to transact in sanctioned Iranian petroleum and launder the proceeds.
• The defendants planned to purchase petroleum from Iran, mask its origins, and sell it to a refinery in China, in violation of U.S. economic sanctions.
• They attempted to conceal their illegal transactions by obtaining foreign passports, engaging in sham contractual agreements, and conspiring to launder the proceeds of the sale through shell entities and offshore financial accounts.
• Lane offered to use the mineral rights that his company sold to launder proceeds for the Iranian sellers, while Wang arranged for bribe payments to be paid to Chinese officials and bankers.
• Wang and Lane face a maximum penalty of 45 years in prison and are scheduled to be sentenced on February 29, 2024.

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