Monday, January 11, 2010

Judge Denies Bail To Man Accused Of Violating Iran Embargo

A federal judge denied bail Monday to a former McKinsey & Co. management consultant accused of operating a money-transfer business between the U.S. and Iran in violation of a U.S. trade embargo.

At a hearing Monday, U.S. District Judge John F. Keenan in Manhattan ordered Mahmoud Reza Banki, 33 years old, be detained pending trial. The case is set to go to trial on March 22.

"I am an innocent man and I intend to prove so," Banki said during the hearing. "I beg you for the chance to show you that."

Banki was arrested and charged last week with conspiracy, violating the International Emergency Economic Powers Act and conducting an unlicensed money-transmitting business. He has pleaded not guilty to the charges. He would face up to 20 years in prison if convicted of the IEEPA violation.

Mark L. Greenwald, Banki's lawyer, asked the judge on Monday to release Banki on a $300,000 bond, to be co-signed by four financially responsible people and secured by his apartment on Manhattan's West Side.

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