CA Execs Plead Guilty To Bribing Foreign Officials
SANTA ANA, Calif. (AP) — Federal prosecutors say the former head of worldwide sales at an Orange County-based valve company has pleaded guilty to bribing foreign officials with millions of dollars to obtain contracts.
The U.S. Attorney's Office said in a statement that 65-year-old Paul Cosgrove entered his plea Tuesday to a charge he made a corrupt payment to an official in China while working for Control Components Inc.
Cosgrove and five other former executives of the company were charged with giving about $6.85 million in bribes to state-owned companies in China, Malaysia and the United Arab Emirates.
CCI designed and manufactured valves for use in the nuclear, oil and gas and power industries.
Cosgrove is due for sentencing Aug. 27. He faces 15 months in federal prison.