Huawei CFO Wanzhou Meng has admitted to leading a scheme to defraud a global financial institution, US authorities revealed yesterday in a New York court. Meng, 52, pleaded guilty to charges of conspiracy to commit bank fraud, conspiracy to commit wire fraud, bank fraud, and wire fraud.
The scheme, which took place between 2007 and 2013, involved Meng making false statements to a senior executive of a financial institution regarding Huawei’s business operations in Iran. Meng’s admissions confirm that she and her fellow Huawei employees engaged in a concerted effort to deceive global financial institutions, the US government, and the public about Huawei’s activities in Iran.
US Attorney Nicole Boeckmann described Meng’s actions as ‘a scheme to defraud a global financial institution.’ Boeckmann said that Meng’s admissions confirm the crux of the government’s allegations in the prosecution of this financial fraud.
The US government had charged Meng with conspiracy to commit bank fraud, conspiracy to commit wire fraud, bank fraud, and wire fraud. Meng entered into a deferred prosecution agreement (DPA) with the US Attorney’s Office for the Eastern District of New York and the Counterintelligence and Export Control Section of the Justice Department’s National Security Division to resolve those charges.
Meng’s admissions are evidence of a consistent pattern of deception to violate US law, according to FBI Assistant Director Alan Kohler. Kohler stated that the FBI will continue to aggressively investigate companies doing business in the United States when there are signs they behave with contempt for our laws.
The deferred prosecution agreement will lead to the end of the ongoing extradition proceedings in Canada, which otherwise could have continued for many months, if not years, according to Acting Assistant Attorney General Mark J. Lesko for the Justice Department’s National Security Division.
The case against Meng highlights the importance of truthful information in the US financial system. Assistant Attorney General Kenneth A. Polite Jr. stated that financial institutions are the first line of defense in maintaining the safety and security of the US financial system.
Related Federal Cases
- No Defendant Name Found, Bank Fraud Scheme, USA, 2022 · Alabama
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- Michael Thompson, Bank Fraud, Washington, 2023 · New York
- Unidentified Banker Charged with $5M Fraud Scheme, USA, 2023 · Alabama
- John McClure, Contractor Fraud Scheme, NY, 2023 · New York
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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