Kenneth Zong has been charged with violating the International Emergency Economic Powers Act (IEEPA) and assisting Iran to evade international sanctions. Zong allegedly used his Korea-based company Anchore (formerly KSI Ejder) to create fake business transactions in order to convert $1 billion worth of Iranian funds into dollars and euros. Zong then received $10-$17 million in payment for these services from Iranian nationals.  While Zong is the only defendant in the 47-count indictment, four unnamed co-conspirators (three Iranian and one U.S. citizen) participated in the conspiracy, which took place between January 2011 and at least April 2014.  Other parties may include Zong's son Mitchell Sub Zong as well as Mitchell's university classmate Majid Farsoodeh and his company Farsoodeh & Partnership.  Kenneth Zong is currently in prison in South Korea.