Bill Wang Sentenced for Sanctioned Iranian Oil Plot

PHILADELPHIA – A sordid plot to sell sanctioned Iranian crude oil has culminated in justice, as Zhenyu (‘Bill’) Wang and Daniel Ray Lane have been locked away for their treacherous scheme. The United States Attorney Jacqueline C. Romero announced that the two men, Wang, 43, of Dallas, Texas, and Lane, 42, of McKinney, Texas, were each sentenced to 45 months’ imprisonment followed by three years of supervised release.

Wang, a Chinese citizen, and Lane, a U.S. citizen, were convicted in November 2023 for attempting to violate the International Emergency Economic Powers Act (‘IEEPA’), conspiracy to violate IEEPA, and conspiracy to commit money laundering. Their plot involved facilitating the purchase of sanctioned oil from Iran, masking its origins, and selling it under false pretenses to Chinese buyers.

From July 2019 to February 2020, Wang played a pivotal role, securing contracts with Chinese buyers and arranging bribes for officials. Lane, through his business Stack Royalties, aimed to launder profits with the purchase of a cash machine to count millions in illicit funds. They planned shipments from 500,000 to 2 million barrels monthly, aiming for a $5 million initial payment.

Both defendants were fully aware their actions violated U.S. sanctions against Iran, as evidenced by Wang’s admission: ‘I love sanctions, honest with you and the sanctions make everybody money.’ Lane discussed masking proceeds, asserting that ‘sanctions can always be massaged… there is always a way.’ Co-conspirators Nicholas Hovan, Nicholas Fuchs, and Robert Thwaites were also sentenced for their roles.

United States District Judge Harvey Bartle III handed down the stiff sentences, ensuring these criminals face the consequences of their heinous acts. The sentence serves as a stark reminder that violating international sanctions is a crime with severe repercussions.

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