US v. All Right, Title and Interest of Assa Corporation
Government seizure of 650 Park Avenue
SUMMARY: The tale of 650 Fifth Avenue is one that should be closely watched by compliance professionals dealing with real estate. Last year, the Department of Justice filed a forfeiture proceeding against a 40% interest in the property held by the Assa Corporation. They filed this forfeiture proceeding against the other 60% held by the Alavi Foundation.
This Amended Complaint alleges that the Alavi Foundation has been providing numerous services to the Iranian Government and transferring funds from 650 Fifth Avenue Company to Bank Melli, a bank wholly owned and controlled by the Government of Iran. The Amended Complaint alleges that the properties are forfeitable as the proceeds of violations of the International Emergency Economic Powers Act ("IEEPA"), 50 U.S.C. ยงยง 1701 et seq., together with Executive Orders and United States Department of Treasury regulations, and as property involved in and the proceeds of money laundering offenses.
DOCUMENT INFO
Doc Type:
Pleadings
Filed: 11/12/2009
Legal Document Name:
US v. All Right, Title and Interest of Assa Corporation
Government seizure of 650 Park Avenue
Case Number: 08 Civ. 10934
Jurisdiction: Federal, 2nd Circuit, New York
Legal System: United States
Business Organizations
Commercial Law & Contracts
Real Estate - Residential
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