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Investigations

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Maryland Individual Pleaded Guilty to Conspiracy to Commit Bank and Wire Fraud and Violation of the IEEPA

On March 29, 2023, Richard Allan Boyd pleaded guilty in the U.S. District Court for the District of Maryland to conspiracy to commit bank and wire fraud and violation of the International Emergency Economic Powers Act (IEEPA).
 
In April 2021, Boyd was indicted in connection with a scheme to import foreign currency. The investigation revealed that between 2015 and 2018, Boyd, a former DOT employee, imported, marketed, and sold Iranian currency to customers in violation of the IEEPA. Boyd also conspired to conduct international wire transfers of funds to purchase foreign currencies while misrepresenting the true purpose of the wire transfers.
 
DOT-OIG is conducting this investigation with the U.S. Department of Homeland Security-Homeland Security Investigations.