Americas News
Former Manager Gets Two Years Prison for Price-Fixing Scheme
A former manager of marine hose maker Parker ITR Srl's Oil & Gas Business Unit has been sentenced to two years in prison in the U.S. over a price-fixing scheme, industry news site Marine Log reports.
Romano Pisciotti pleaded guilty in U.S. District Court in Florida to a felony charge after being arrested in Germany and extradited to the U.S.
In addition to the prison sentence, which includes credit for more than nine months he spent in custody in Germany, Pisciotti has agreed to pay a $50,000 fine.
"Today's guilty plea demonstrates the Antitrust Division's ability to bring to justice those who violate antitrust laws, even when they attempt to avoid prosecution by remaining in foreign jurisdictions," said Assistant Attorney General Bill Baer.
"The Antitrust Division and its law enforcement partners will continue to protect consumers from cartels that affect the domestic and international economy.
The illegal activity affected prices for hundreds of millions of dollars in sales of marine hose, which is used to transfer oil, and related products, according to the indictment, with Pisciotti conspiring with others in the industry to set prices and avoid competing for customers.
The conspirators shared information about upcoming jobs and bidding information.
The conspiracy began in 1999 or earlier and continued until at least May 2007, according to U.S. authorities, with Pisciotti charged with participation from 1999 through November 2006.
Eight other individuals have pleaded guilty in the case, along with five companies: Parker ITR; Bridgestone Corp. of Japan; Manuli SPa of Italy's Florida subsidiary; Trelleborg of France; and Dunlop Marine and Oil Ltd. of the United Kingdom.
In May 2007, when eight executives were arrested over the conspiracy, the director of the U.S. Defense Criminal Investigative Service (DCIS) called price fixing and bid rigging "serious crimes that drain resources from the Department of Defense."
