Former O.C. executive pleads guilty to bribing foreign officials
Another former executive of an Orange County valve company pleaded guilty to a foreign bribery offense Tuesday, according to a statement from the U.S. Justice Department.
Paul Cosgrove, 65, of Laguna Niguel, a former executive vice president at Control Components Inc., is the fourth of six company executives to plead guilty to violating or conspiring to violate the Foreign Corrupt Practices Act. Prosecutors allege that the executives conspired to bribe foreign officials and others in return for lucrative contracts that resulted in a net profit of about $46.5 million.
Court documents say that the firm designed and manufactured service control valves for use in the nuclear, oil and gas, and power generation industries across the globe. Between 2003 and 2007, prosecutors say the company made corrupt payments in more than 30 countries
U.S. District Judge James V. Selna is scheduled to sentence Cosgrove Aug. 27. He faces up to 15 months in federal prison.
In April 2011, another vice president at the firm, Flavio Ricotti, pleaded guilty to one count of conspiracy to violate the FCPA. About a year later, former company President Stuart Carson and a sales director, Hong “Rose” Carson, each pleaded guilty to one count of making a corrupt payment to a foreign government official. One executive's trial is pending, and charges against another official are also pending.
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