Fmr. Executive Extradited To S.Fla. In Price-Fixing Case

FORT LAUDERDALE (CBSMiami/AP) —An Italian former executive was extradited to the U.S. to face charges in an alleged global price-fixing conspiracy.

Federal prosecutors say Romano Pisciotti was flown from Germany to South Florida and had an initial court appearance on Friday. He did not yet have an attorney. Pisciotti is a former executive at the Italian firm Parker ITR Srl.

Pisciotti is accused of conspiring with others to fix prices for marine hose, which is used to transfer oil between tankers and storage facilities.

According to the Department of Justice, he a charge of, “participating in a conspiracy to suppress and eliminate competition by rigging bids, fixing prices and allocating market shares for sales of marine hose sold in the United States and elsewhere.”

If convicted, he faces a maximum 10-year prison sentence and a $1 million fine.

Justice Department officials say Pisciotti is the first person extradited to the U.S. in an antitrust case.

“This first of its kind extradition on an antitrust charge allows the department to bring an alleged price fixer to the United States to face charges of participating in a worldwide conspiracy,” said Assistant Attorney General Bill Baer in charge of the Department of Justice’s Antitrust Division.

Five companies and nine people have already been convicted.

TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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