Nicholas Hovan

HQ Country of Company:
USA
Country/State of Residence or Citizenship:
NY
Agency:
BIS
Location of Sentencing:
Eastern District of Pennsylvania
Date:
Outcome/Sentencing:
12 months and one day imprisonment
Description:

In February 2020, Nicholas Hovan, then 33 and residing in New York, was arrested alongside four others for conspiring to violate U.S. economic sanctions by attempting to purchase Iranian petroleum and sell it to a refinery in China. The group planned to use a Polish shell corporation to disguise the oil's origin and anticipated substantial profits, estimating approximately $28 million per month from two shipments. On January 10, 2024, Hovan was convicted in the Eastern District of Pennsylvania for violating 18 U.S.C. § 371 and the International Emergency Economic Powers Act (IEEPA). He received a sentence of 12 months and one day imprisonment, two years of supervised release, and a $3,000 fine. Consequently, his export privileges were revoked until January 10, 2034. ​

 

Fine:
Total Fine
$3,000
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
$3,000
Source:
BIS, "Order Denying Export Privileges."
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