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Iran Sanctions Case Being Dropped by U.S. Despite Conviction

  • Ali Sadr Hashemi Nejad was found guilty in March in New York
  • Prosecutors said they faced a continued fight over evidence
A picture taken on August 20, 2010 shows

Photographer: Vahid Reza Alaei/AFP via Getty Images

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In a rare move, federal prosecutors are seeking to withdraw a criminal case against an Iranian banker who was convicted of violating U.S. sanctions.

Ali Sadr Hashemi Nejad, 40, was found guilty in March of helping to funnel $115 million through the U.S. financial system to Iranian entities from a construction project in Venezuela. Prosecutors said Sadr set up a network of companies and bank accounts to mask the involvement of his father, the head of Iranian industrial conglomerate Stratus Group and one of the country’s most successful businessmen.