A PYMNTS Company

Puerto Rico: Former sea transport exec found guilty in wide-reaching price-fixing case

By  |  January 30, 2013

A two-week trial in a federal court in Puerto Rico has resolved in a conviction for a former coastal water freight transportation company executive for collusion to fix rates of his company’s services, according to the US Department of Justice. Frank Peake, former Sea Star Line LLC president, was found guilty of the charges on Wednesday. He was accused of conspiring to fix prices for the transportation of freight between the continental US and Puerto Rico; the charges alleged that the collusion occurred from as early as 2005 to at least April 2008. Assistant Attorney General and head of the DOJ’s Antitrust Division Bill Baer has said that the conspiracy affected prices of “nearly every product that was shipped to and from Puerto Rico during the conspiracy.” Sea Star pleaded guilty to price-fixing charges in December 2011 and was ordered to pay a fine of $14.2 million.

 

Full Content: 7th Space Interactive

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