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Former Exec Gets Prison Term, $50,000 Fine for Fixing Prices of Marine Hose

Friday, April 25, 2014
Sandler, Travis & Rosenberg Trade Report

The Department of Justice announced April 24 that a former executive of a rubber hose manufacturer will serve a total of two years in prison and pay a $50,000 fine for his role in a conspiracy to rig bids, fix prices and allocate market shares of marine hose sold in the U.S. and elsewhere. This individual, who was charged with participating in the conspiracy for more than seven years, was extradited from Germany earlier this month in what DOJ says was the first successfully litigated extradition on an antitrust charge. The department states that as a result of its ongoing marine hose investigation five companies and eight other individuals have pleaded guilty and been sentenced to prison terms ranging from 12 months and one day to 30 months.

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