A PYMNTS Company

US/Germany: Italian subject of first-ever antitrust extradition

 |  April 6, 2014

An Italian individual became the first ever to be extradited on an antitrust charge, the US Department of Justice said.

According to reports, Romano Pisicotti was extradited from Germany to face charges of anticompetitive conduct, including bid-rigging, regarding marine hose products sold in the US and other nations. It is the first such time an antitrust case has lead to a successful extradition.

Pisciotti was a former executive at marine hose-maker Parker ITR, based in Italy. He was arrested in Germany last year and extradited to Miami.

DOJ Assistant Attorney General Bill Baer told reporters that the case is a “first of its kind extradition on an antitrust charge” that “allows the department to bring an alleged price-fixing to the United States to face charges of participating in a worldwide conspiracy.

Baer called the case “a significant step forward” for the authority’s cooperation with foreign regulators.

Pisciotti is charged of conducting illegal meetings to allocate shares of the industry with rivals. The conversations allegedly lead to companies deciding ahead of time who would bid on contracts and at what price.

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.