U.S. Accuses Banker in Iran-Sanctions Case of Hiding Assets
- Nejad ‘grossly’ understated his net worth, prosecutors say
- Businessman seeks bail before money-laundering trial in N.Y.
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An international banker charged in the U.S. with laundering more than $100 million for an Iranian construction company “grossly” understated his net worth, prosecutors said in opposing his request to be freed on bail before a trial.
Ali Sadr Hashemi Nejad, a Cornell- and Wharton-educated banker with Iranian and St. Kitts and Nevis citizenships, told the prosecutors that he had as much as $4.6 million in assets in the U.S. and Cyprus. But in recent years, he reported assets of as much as $47 million, prosecutors said. He also failed to report additional entities he controls and bank accounts related to them containing tens of millions more, according to the U.S.