The US Department of Justice announced its investigation into water freight price-fixing has landed an ex-executive in jail.
Former head of Sea Star Line LLC Frank Peake was sentenced to five years in prison Friday, as well as a $25,000 fine. The sanctions follow the DOJ’s probe into Sea Star Line and other sea freight carriers for fixing prices of cargo transported between the US and Puerto Rico.
In a statement, DOJ antitrust head Bill Baer said the sentence “reflects the serious harm these conspirators inflicted on American consumers, both in the continental United States and in Puerto Rico.”
The investigation has so far resulted in guilty pleas by the three largest water carriers that service US-Puerto Rico routes. More than $46 million in fines have been issued.
A judge ordered Sea Star Line to pay $14.2 million for its role in the cartel in 2011.
Full Content: The Maritime Executive
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI