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 (rushPRnews) 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 / AH Marketing ahmarketinggroup.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

BDO Announces Microsoft’s Jeff Edwards as Keynote Speaker at Connections 2016

TORONTO, ON 04/26/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

OIART Audio Engineering School Dominates Ontario College KPI's

London, Ontario 04/26/16 · The Ontario Institute of Audio Recording Technology (OIART)...

BDO is a Proud Sponsor of VHA Home Healthcare’s Heart of Home Care Awards

Toronto, Ontario 04/22/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

BDO Establishes FileNexus® Integration Practice and ASP Offering

Toronto, Ontario 04/19/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

Treasurer Urges Independent Contractors Working In San Francisco To Comply With Business Registration Requirements

SAN FRANCISCO 04/15/16 · TREASURER JOSÉ CISNEROS URGES INDEPENDENT CONTRACTORS WORKING IN...

Celebrate Canada Day anywhere in the World with a Great Canadian

Amherstburg, ON 04/15/16 · - Participants Get To Choose From Don Cherry, Wayne...

Lift The Mystery Around Digital Literacy For Leaders

TORONTO,ON,CANADA 04/13/16 · Masterclass for Executives Led by Clare McDowall: How...

Top Tips to Choosing a New Boiler

Keighley, Yorkshire 04/11/16 · Is your old boiler letting you down or...

A Platform Made For Achievers Available For Download

SAN FRANCISCO 03/29/16 · Compete and show your achievements. Build your Achiever...

RPRNMag Newsmagazine to Bring Business Solutions to Entrepreneurs With News Stories & Sponsored Content

SAN FRANCISCO 03/28/16 · Newsmagazine to focus on business tips and trends  —...

2016 Springtime Public Relations is Effervescent

SAN FRANCISCO 03/25/16 · Following a long winter, Spring 2016 is promising...

Aspect Imaging Announces FDA Clearance of WristView MRI System

Shoham, Israel 03/24/16 · Point-of-care quality wrist and hand imaging: Transforming the...

New illustrated children’s book raises awareness and dollars for Alzheimer’s.

COBOURG, ONTARIO 03/22/16 · Stirred by her mother’s dementia, artist Kathryn Harrison...

Greenroad Wins Fleet Services Provider Of The Year At The Commercial Insurance Awards 2016

Austin, TX 03/11/16 · GreenRoad Named Leading provider of SaaS solution that...