Order Relating to Asim Fareed

December 19, 2018

The Bureau of Industry and Security, U.S. Department of Commerce ("BIS"), has notified Asim Fareed ("Fareed"), formerly of Brunswick, New Jersey, and presently of Boca Raton, Florida, of its intention to initiate an administrative proceeding against Fareed pursusant to section 766.3 of the Export Administration Regulations (the "Regulations"), through the issuance of a Proposed Charging Letter to Fareed that Fareed committed one violation of the regulations. Specifically, the charge is:

Charge 1

  1. From in or about July 2014 through in or about August 2014, Fareed conspired and acted in concert with others, known and unknown, to bring about or do an act that constitutes a violation of the Regulations. The purpose of the conspiracy was to export a Humboldt Bending Beam Rheometer and a Humboldt Pressure Aging Vessel ("Humboldt items"), items subject to the Regulations, designated EAR99, and valued at nearly $50,000, from the United States to Iran, via the United Arab Emirates ("UAE"), without the required U.S. Government authorization.