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  • 5 months ago
Two Chinese nationals were arrested this week for allegedly violating U.S. export restrictions by illegally shipping Nvidia AI chips to China, according to Bloomberg. The Justice Department said the defendants used a California-based company, ALX Solutions Inc., to send at least 20 unauthorized shipments through third countries like Singapore and Malaysia. The company received payments from China and Hong Kong. The company operated without Commerce Department licenses required to export the high-performance chips. The defendants face charges under the Export Control Reform Act and could face up to 20 years in prison.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Two Chinese nationals were arrested this week for allegedly violating U.S. export restrictions
00:06by illegally shipping NVIDIA AI chips to China, according to Bloomberg.
00:11The Justice Department said the defendants using a California-based company,
00:14ALX Solutions, sent at least 20 unauthorized shipments through third countries like Signifor
00:19and Malaysia. The company received payments from China and Hong Kong. The company operated
00:23without Commerce Department licenses required to export the high-performance chips.
00:26Dependants face charges under the Export Control Reform Act and could face up to 20 years in prison.
00:32For all things money, visit Benzinga.com.
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