Former Exec Gets Prison, Penalty for Fixing Prices of Auto Parts
The Department of Justice announced this week that a former executive of a Japan-based company has agreed to plead guilty and serve one year and one day in a U.S. prison for his role in a conspiracy to fix prices and rig bids of automotive hoses installed in cars sold in the United States. The man has also agreed to pay a $20,000 criminal fine and cooperate with the DOJ’s ongoing investigation into price fixing and bid rigging in the auto parts industry.
DOJ states that, to date, 49 individuals have been charged in this investigation and 32 companies have pleaded guilty or agreed to plead guilty and pay a total of over $2.4 billion in fines. In addition, more than two dozen executives are serving prison time for their participation in the price fixing and bid rigging conspiracies.