Former TVA VP pleads guilty to unlawful financial investments in Iran
Former TVA Vice President 58-year-old Masoud Bajestani plead guilty to conspiracy to violate the International Emergency Economic Powers Act (IEEPA) and Iranian Transactions Regulations, and two counts of filing false income tax returns.
Bajestani sentencing is set for January 15, in U.S. District Court in Knoxville.
Bajestani faces a maximum sentence of five years in prison for conspiracy to violate the IEEPA, and three years for each count of filing a false tax return. He also faces a maximum fine of $250,000 on each count.
In February 2013, a federal grand jury charged Bajestani, with conspiracy, violations of the IEEPA and the Iranian Transactions Regulations, making a false statement to a federal agency, international money laundering, and filing false income tax returns.
Between February 2008 and May 2010, Bajestani agreed and conspired with an Iran-based coconspirator to engage in financial investments in Iran, in violation of the Iranian Transactions Regulations.
Bajestani also agreed to the forfeiture of $600,000 in U.S. currency, representing the funds used to promote the specified unlawful activity.
The investigation was conducted by Homeland Security Investigations, IRS-Criminal Investigations Division, Tennessee Valley Authority-Office of Inspector General, and Federal Bureau of Investigation. Assistant U.S. Attorney Jeffrey Theodore represented the United States.