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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-03 00:00:00",
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  "notes": "The slide uses investigative research to link public social media posts to potential legal liability for the subject company.",
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      "text": "This seemingly violates U.S. OFAC sanctions for which we understand the U.S. seller would be strictly liable.",
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      "text": "MUDDY WATERS RESEARCH",
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      "text": "An attorney at a large U.S. law firm who specializes in OFAC practice believes that this is potentially problematic for FTAI. Counsel advises that violations impose strict liability, and that even inadvertently providing prohibited parts via a third-party can be a sanctions violation. Based on the photographic evidence, FTAI could have violated U.S. sanctions on Iran.",
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      "text": "The following slides include evidence published on LinkedIn in January and February 2025 by an Iranian airline executive of Sorena Turbine, an aircraft MRO based in Iran. The online posts clearly show two CFM-56 engines and FTAI packaging adjacent to the engines at the shop. It therefore seems that Sorena has obtained product from FTAI’s Aerospace Products business. This seemingly violates U.S. OFAC sanctions for which we understand the U.S. seller would be strictly liable. The severity of the punishment, which in serious cases can include prison time depends on the culpability of the seller and frequency of violations. We have no view at this time as to either factor.",
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      "text": "The evidence was initially obtained from still photos and videos posted on LinkedIn. We confirmed that the parts in question are indeed in Iran by comparing landmarks in videos to imagery from Google Earth.",
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      "text": "In Apparent Violation of U.S. Sanctions, An Iranian Entity Seems to Have Acquired FTAI Product",
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