Third Chi Mei Executive Agrees to Plead Guilty and Serve Jail Time : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

Third Chi Mei Executive Agrees to Plead Guilty and Serve Jail Time

July 28, 2010

Third Chi Mei Executive Agrees to Plead Guilty and Serve Jail Time
Scales of Justice

WASHINGTON (RPRN) 07/28/10 — Third Chi Mei Executive Agrees to Plead Guilty and Serve Jail Time for Participating in Global LCD Price-Fixing Conspiracy

A former executive from Chi Mei Optoelectronics Corporation (Chi Mei) has agreed to plead guilty and to serve jail in the United States for participating in a global conspiracy to fix the price of thin-film transistor-liquid crystal display (TFT-LCD) panels, the Department of Justice announced today.

According to a one-count felony charge filed in U.S. District Court in San Francisco, Wen-Hung “Amigo” Huang conspired with others to suppress and eliminate competition by fixing the prices of TFT-LCD panels.   Huang, a resident of Taiwan and the former director of sales of Chi Mei, participated in the conspiracy from on or about Sept. 14, 2001, to on or about Dec.1, 2006.

Under his plea agreement which is subject to court approval, Huang, who was charged today, has agreed to serve 9 months in jail, to pay a $25,000 criminal fine and to assist the department in its ongoing TFT-LCD investigation.

TFT-LCD panels are used in computer monitors and notebooks, televisions, mobile phones and other electronic devices.   By the end of the conspiracy period, the worldwide market for TFT-LCD panels was valued at $70 billion.   Companies directly affected by the LCD price-fixing conspiracy are some of the largest computer and television manufacturers in the world, including Apple, Dell and Hewlett

Third Chi Mei Executive Agrees to Plead Guilty and Serve Jail Time
United States Department of Justice
Packard.

 

The department charged that Huang participated in a conspiracy in which the participants met and agreed to charge prices of TFT-LCD panels at predetermined levels.   The participants in that conspiracy also issued price quotations in accordance with the agreements reached and exchanged information on the sales of TFT-LCD panels for the purpose of monitoring adherence to the agreed-upon prices, the department said.

As a result of this investigation, more than $890 million in criminal fines have been obtained to date.  Including today’s filing, 18 executives and eight companies have been charged in the department’s ongoing investigation into price fixing in the LCD industry.

Huang is charged with violating the Sherman Act, which carries a maximum penalty of 10 years in prison and a $1 million fine for individuals.   The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims if either of those amounts is greater than the statutory maximum fine.

Today’s charge is the result of a joint investigation by the Department of Justice Antitrust Division’s San Francisco Field Office and the FBI in San Francisco.

Anyone with information concerning illegal conduct in the TFT-LCD industry is urged to call the Antitrust Division’s San Francisco Field Office at 415-436-6660 or visit www.justice.gov/atr/contact/newcase.htm .

 

Body image credits: United States Department of Justice
Click here to see all news from this author/company

Filed Under: BREAKING NEWS, Crime, Politics, PRESS RELEASE

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

Newborn Foundation Featured on Global Health Panel at Annual Patient Safety Science and Technology Summit

SAINT PAUL, MN and IRVINE, CA-- 01/23/15 ·  - The Newborn Foundation, an international nonprofit leveraging medical...

Cape Coral Waterfront Estate Known as “The UPS House” to be Sold at February 10th Absolute Auction

Fort Myers, Florida 01/21/15 · Truck Driver Turned Executive Selling Florida Riverfront Dream...

Studio One selects Visual 2000 End2End Suite of Fashion Business Solutions

LONDON, UK 01/20/15 · Visual 2000 International announces manufacturer Studio One  are...

CPD Seminar: How Skill Trade Workers Will be Effected by Express Entry

Vancouver, BC - 01/19/15 · Ashton College Announces Seminar Addressing Express Entry - New...

Dr. Ken Pool, IT Pioneer, dead at 62, leaves a rich legacy in health data standards and public health

ARLINGTON, TX 01/17/15 · With deep sadness  OZ Systems announces the sudden passing...

Dr. Ken Pool, Founder and Chairman of Dallas-based OZ Systems, Dies at 62

ARLINGTON, TX 01/16/15 · It is with deep sadness that OZ Systems announces...

Real Estate Auction – Is It Right for You?

Charlotte, NC 01/12/15 · Luxury homeowners looking to sell their estates face...

Philippines to Host Largest Crowd in Human History

Manila, Philippines 01/12/15 · The largest gathering of humans ever recorded will...

First Dedicated Canadian Bitcoin Price Index Launched

Vancouver, BC 01/08/15 · The Canadian Bitcoin Index (CBIX) created by Vancouver...

OnServe & Learning Brick has expanded to Niagara/Southwestern ON.

Kingston, ON 01/06/15 · Onserve is your trusted IT services company in...

Music Host Network Wants Writers Now!

LOS ANGELES 01/06/15 · The Music Host Network, a music media site...

Identify genuine web traffic from bots and botnets

SAN FRANCISCO 01/06/15 · As a provider of high-quality web traffic, Traffic...

Author Manfred Popp publishes - You can do what I did: lose weight, improve your health, stay fit -

Gaimersheim / Germany 01/06/15 · New book from author Manfred Popp about Weight...