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Tuesday
May292012

Cosgrove In 15-Month Plea Deal  

The former director of worldwide sales for Control Components Inc., Paul Cosgrove, pleaded guilty on Tuesday to violating the Foreign Corrupt Practices Act.
 
Cosgrove, 65, of Laguna Niguel, California, entered his plea to a one-count superseding information charging him with making a corrupt payment to a foreign government official in China in violation of the FCPA.
 
Judge James V. Selna set sentencing for August 27. Under his plea deal, Cosgrove faces up to 15 months in federal prison.

He had been charged with sixteen counts of conspiracy to violate the FCPA and the Travel Act, and substantive violations of those statutes. If convicted at trial, he could have been sentenced to up to five years in prison on each count he faced.
 
CCI designs and manufactures service control valves for use in the nuclear, oil and gas, and power generation industries worldwide.

Cosgrove's co-defendant, David Edmonds, CCI's former vice president of worldwide sales, is still facing a trial in late June. 

Five other former executives from CCI have pleaded guilty.

Another defendant, Han Yong Kim, also faces charges but his trial date hasn't been set.

CCI of Rancho Santa Margarita, California pleaded guilty in 2009 to violating the anti-bribery provisions of the FCPA and the Travel Act. It admitted bribing foreign officials in a ten-year scheme to win contracts in about 36 countries. The company paid a criminal fine of $18.2 million to resolve the charges.

The DOJ's May 29, 2012 release is here.

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