Overview

Albert Hakim (1936-2003) was an Iranian-American businessman who partnered with retired Air Force Major General Richard Secord to create and manage "the Enterprise," the covert financial network at the center of the Iran-Contra affair. The Enterprise was used to sell U.S. weapons to Iran, negotiate with Iranian intermediaries, supply the Nicaraguan Contras, and manage the secret Swiss bank accounts through which millions of dollars flowed. Hakim emigrated from Iran before the 1979 revolution and established himself in the United States as an arms dealer and international businessman. He was recruited by Oliver North and Richard Secord to handle the financial side of the covert operations because of his business experience, his knowledge of Iran, and his established network of foreign bank accounts. Hakim set up a web of shell companies and Swiss bank accounts, managed by the Compagnie de Services Fiduciaires in Geneva, through which the arms sale proceeds were channeled. Hakim was personally involved in negotiations with Iranian intermediaries and Second Channel contacts in 1986. He also created a personal financial benefit for Oliver North by setting up a $200,000 fund (sometimes called the "Button account") intended for North's family, though it was never disbursed. This detail became one of the more embarrassing revelations of the congressional hearings. In November 1989, Hakim pleaded guilty to a misdemeanor charge of supplementing the salary of Oliver North (a government official). He was sentenced to two years probation and fined $5,000. The Enterprise's finances were ordered dissolved, with remaining funds directed to the U.S. Treasury. Hakim died in 2003.

Key Affiliations

Controversies & Concerns

Related Investigations (2)

Known Associates & Connections

Sources & Documentation

3 documented sources from official records, investigations, and reports