Mario Covino, 44, an Italian citizen residing in Irvine, California and the former director of worldwide factory sales for Control Components Inc., based in Rancho Santa Margarita, California, pleaded guilty Thursday to a one count Information charging him with "conspiring to make corrupt payments to foreign government officials" in order to get business for the company. Covino admitted that from March 2003 through August 2007, he caused agents of the company, which makes valves for the power industry, to pay approximately $1 million in bribes to officials all over the world. The bribes resulted in at least $5 million in profits for the company, according to the Information. He also admitted to lying to and misleading auditors and to deleting e-mails and instructing others to delete e-mails that would incriminate him. Covino faces up to 5 years in prison upon sentencing, which is scheduled for July 20, 2009. He is reportedly cooperating with authorities in the ongoing investigation.
Read the story here, here and here.
Read the DOJ press release here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment