A PYMNTS Company

US: Former executive at Chinese bank pleads guilty in bid-rigging case

By  |  November 15, 2019

A former vice president at the New York brokerage unit of a large Chinese bank pleaded guilty to a criminal antitrust charge, the latest defendant ensnared in a federal crackdown on the market for American depositary receipts.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Peter Volino, a former vice president at Industrial and Commercial Bank of China Financial Services LLC, admitted to violating bid-rigging laws by participating in a scheme to submit artificially low bids, the U.S. Justice Department said Thursday.

    Full Content: Wall Street Journal

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.