Rubber Hose Maker from Germany Pleads Guilty to Price Fixing
An executive of a rubber hose manufacturer who was recently extradited from Germany pleaded guilty "for participating in a conspiracy to rig bids, fix prices and allocate market shares of marine hose sold" in the U.S. and around the world,…
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said the Justice Department in a press release. Romano Pisciotti, an Italian national who previously worked as a manager at Parker ITR Srl’s Oil & Gas Business Unit, was sentenced to two years in prison by U.S. District Court for the Southern District of Florida in Ft. Lauderdale, it said. According to the indictment, "Pisciotti and his conspirators provided information received from customers in the United States and elsewhere about upcoming marine hose jobs to another co-conspirator who served as a coordinator of the conspiracy," said the DOJ. "The coordinator acted as a clearinghouse for bidding information that was shared among the conspirators, and was paid by the manufacturers for coordinating the conspiracy." So far, five companies and eight individuals have pleaded guilty, the agency said. One individual, who was sentenced to home confinement, "remains at large," it said.