**FILE** An Iranian street money changer holds Iranian banknotes with a portrait ... more >South Korean legal authorities have arrested a Korean-American on charges related to the illegal transfer of $1.09 trillion in Iran funds that had been frozen due to international sanctions.
The suspect, a 73-year-old unnamed man, began the alleged fraudulent transfers in 2011, authorities said, in a Reuters report.
The scale of the transfer is what’s most alarming, prosecutors are saying. It’s not yet clear whether the money was to be used to bolster Iran’s nuclear program, Reuters reported.
The suspect had contacts in Iran and in the United Arab Emirates, and was alleged to have moved the money from a South Korean bank using fake invoices into third-country accounts.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at cchumley@washingtontimes.com.
By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
We welcome you to the intimate and personal thoughts on the news and events we, as editors, watch, read, and discuss with our writers every day.
Consummate traveler Todd DeFeo explores the unique stories that make destinations worth going to.
Benghazi: The anatomy of a scandal
13 Photos
Vietnam Memorial adds four names
18 Photos
Cinco de Mayo on the Mall
11 Photos
NRA kicks off annual convention
8 Photos
California wildfires wreak havoc
37 Photos
