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Texans, NY Man Busted for Iran Oil Scam
PHILADELPHIA – Five men, including four Texans and a New Yorker, have been arrested and charged with conspiracy and violating international sanctions for their role in a brazen scheme to sell sanctioned Iranian oil to a refinery in China, netting them an estimated $28 million per month in profit.
Nicholas Hovan, 33, of New York, NY, Zhenyu Wang, 39, of Dallas, TX, aka ‘Bill Wang’, Robert Thwaites, 30, of Dallas, TX, Nicholas James Fuchs, 26, of Dallas, TX, and Daniel Ray Lane, 38, of McKinney, TX, allegedly conspired to purchase oil from the Islamic Republic of Iran, in violation of US economic sanctions imposed on Iran, between July 2019 and February 2020.
According to the complaint, the group planned to use a Polish shell corporation as a straw seller of the illicit oil and arranged for two shipments of oil per month, with a potential profit of $28 million per month.
The defendants also allegedly planned to launder money through Lane’s company, STACK Royalties, and set up offshore accounts in foreign passports to conceal their activities from US authorities.
If convicted, each defendant faces a maximum possible sentence of 25 years’ incarceration and a maximum possible fine of $1.25 million.
The case was investigated by the Federal Bureau of Investigation, and the four defendants arrested in Philadelphia had initial appearances in federal court today.
The brazen scheme, which put the safety and security of the United States and its allies at risk, will not be tolerated, said US Attorney William M. McSwain. ‘By devising a scheme to purchase oil from Iran, conceal its origins via a refinery in China and make tremendous profits, the defendants were attempting to enrich both themselves and the nation of Iran.’
Key Facts
- State: Pennsylvania
- Category: White Collar Crime|Organized Crime
- Source: DOJ Press Release â†â€â€
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