CEO Pleads Guilty to Conspiring to Export Specialty Metallurgical Metals to Iran
Erdal Kuyumcu – CEO of Global Metallurgy, LLC, a company based in Woodside, NY, pleaded guilty to one count of conspiring to violate the IEEPA [International Emergency Economic Powers Act] in connection with the export of specialty metals from the U.S. to Iran.
Kuyumcu [U.S. citizen] pleaded guilty – conspired to export from the U.S. to Iran a metallic powder composed of cobalt and nickel without having obtained the required license from OFAC [U.S. Treasury Department’s Office of Foreign Asset Control]. The metallic powder can be used to coat turbine components, such as turbine blades, and can also be used in aerospace, missile production, and nuclear applications. Exporting without an OFAC license is illegal. Kuyumcu conspired with others to obtain one thousand pounds of the metallic powder from the U.S. supplier for export to Iran – they hide the true destination of the goods by first shipping to Turkey – then to Iran.
At sentencing, Kuyumcu faces up to 20 years in prison and $1 million fine.
To read the entire press release
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