"The U.S. Treasury Department imposed a $7.1 million fine on a New York-based property management firm Thursday, accusing it of violating sanctions by managing luxury real estate properties for oligarch Oleg Deripaska, who has close ties to Russian President Vladimir Putin. Treasury's Office of Foreign Assets Control said Gracetown Inc. had received 24 payments between April 2018 and May 2020 totaling $31,250 on behalf of a company owned by Deripaska. OFAC says it gave Gracetown notice that dealings with Deripaska were prohibited, but the firm proceeded anyway."
"Justice Department filings from 2022 connect Gracetown Inc. with U.K. businessman Graham Bonham-Carter, who was arrested in October 2022 for conspiracy to violate U.S. sanctions imposed on Deripaska as well as for wire fraud connected to funding Deripaska's U.S. properties and efforts to expatriate the oligarch's artwork to New York. A lawyer who has represented Deripaska previously didn't immediately respond to a request for comment. Gracetown couldn't immediately be reached for comment."
Gracetown Inc. was fined $7.1 million by the U.S. Treasury for managing luxury real estate tied to oligarch Oleg Deripaska and receiving 24 payments totaling $31,250 between April 2018 and May 2020 on behalf of a Deripaska-owned company. OFAC notified Gracetown that dealings with Deripaska were prohibited, but the firm continued. Justice Department filings link Gracetown to U.K. businessman Graham Bonham-Carter, who was arrested in October 2022 on charges including conspiracy to violate sanctions and wire fraud related to funding Deripaska's U.S. properties and moving his artwork. Deripaska has been under U.S. sanctions since 2018; his U.S.-jurisdiction assets are blocked and U.S. persons are prohibited from dealings related to him.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]