Zarrab Heading to N.Y. to Face Iran Sanction-Busting Charges

  • Gold trader waives right to bond hearing in Miami, Florida
  • Zarrab was at heart of Turkish political corruption scandal

A Turkish-Iranian gold trader, accused in 2013 of bribing Turkey’s cabinet ministers, is heading to New York from Miami to face charges that he was involved in a conspiracy to evade U.S. sanctions against Iran.

Reza Zarrab waived his right to a bond hearing in Miami and a judge agreed on Friday to let him be transferred to New York, according to court records. He’s been in U.S. custody since his arrest in Miami on March 19. No hearing date has been set in New York.

The U.S. accused Zarrab of helping the Iranian government launder hundreds of millions of dollars to evade U.S. sanctions. In Turkey, Zarrab was at the center of a bribery, forgery and gold-smuggling investigation which President Recep Tayyip Erdogan repeatedly insisted was a coup attempt.

Zarrab denied any wrongdoing in Turkey, saying his business was legitimate. The ministers also denied the allegations. All charges against Zarrab and members of Erdogan’s government were eventually dropped.

Before it's here, it's on the Bloomberg Terminal.