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Ridgefield man enters plea agreement for conspiring to launder money

A Ridgefield man has entered into a plea agreement for conspiring to launder money by allegedly smuggling cosmetics in Iran while he served as president of a Long Island-based cosmetics manufacturer and supplier. Michael Rose was ordered to pay more than $350,000 in fines and perform 300 hours of community service.  Prosecutors alleged that he was involved in a scheme that spanned years to violate government sanctions on Iran.  He was also charged with conspiring to violate the International Emergency Economic Powers Act and conspiring to commit bank fraud.  The FBI alleges Rose intentionally disguised where his products were ultimately going, and allegedly lied about the prices of the products to limit his customs liability. 

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