Auto Parts Executive Gets Prison Sentence, $20,000 Fine for Price Fixing
The Department of Justice reports that an executive of a Japanese auto parts maker has been sentenced to 13 months in a U.S. prison and a $20,000 criminal fine for his involvement over seven years in an international conspiracy to rig bids and fix prices of auto parts used on antilock brake systems installed in U.S. cars. The parent company previously also pleaded guilty to participating in this conspiracy and agreed to pay a $2.75 million criminal fine.
As part of his plea agreement, the executive agreed to cooperate with the DOJ’s ongoing investigation into price fixing, bid rigging and other anticompetitive conduct in the auto parts industry. To date, 36 individuals have been charged in this investigation and 27 companies have pleaded guilty or agreed to plead guilty and have agreed to pay a total of nearly $2.3 billion in fines.