The State Department described the acts committed by Li Fangwei in its Tuesday announcement.
Li Fangwei previously was sanctioned by the United States for his alleged role as a principal supplier to Iran’s ballistic missile program. According to the Indictment, he controls a large network of front companies and allegedly uses this network to move millions of dollars through U.S.-based financial institutions to conduct business in violation of the International Emergency Economic Powers Act (IEEPA) and the Weapons of Mass Destruction Proliferators Sanctions Regulations, which prohibit such financial transactions. Li Fangwei is also charged with conspiring to commit wire fraud and bank fraud, a money laundering conspiracy, and two separate counts of wire fraud in connection with such illicit transactions.
Li Fangwei has maintained his innocence, telling The Wall Street Journal in 2009 that his products "are sold everywhere in the world" and are not weapons-related.
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