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But after a whirlwind of stories flew around the Reagan administration, Lt. Col. Oliver North found himself locked out of the place where he had worked for the last five years and was under the suspicion of America. He was being accused of being the leading man in efforts to sell arms to Iran in exchange for hostages and then diverting those funds to Nicaraguan guerillas who planned to overthrow there government...
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These actions were illegal due to the Arms Export Act, which prohibited the sale of arms to Iran, and due to the Boland Amendment, which banned aid to military activities in Nicaragua. In a statement released by Attorney General Edwin Meese III, Oliver North was "the only person in the U.S. government who knew precisely about the 14 million dollars allegedly diverted from the secret Iranian arms deal to support the Nicaraguan contras...
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