Two individuals have been indicted in a $100 million price-fixing conspiracy that revolved around public contracts.
The Vice President, and one employee of Sioux Erosion Control, Inc. (Sioux) are in the firing line of regulators. The company has also come under scrutiny for the part it played in the conspiracy around publicly funded transportation construction contracts across Oklahoma.
Sioux Company and employees involved in $100m indictment
Vice President BG Dale Biscoe, Randall David Shelton, and Sioux are embroiled in allegations that they schemed to “raise and maintain prices for products and services from approximately September 2017 through April 2023.”
According to the Justice Department, erosion control products like sod were the focus of the price hike. Sod is used in erosion control as a key material in staunching runoff soil or rock that can be the result of maintenance work.
It was alleged that Sioux, Biscoe, and Shelton conspired to raise the price of sod across Oklahoma and rigged the bids for certain works in the state. Driving a false economy for public contracts in the area and intentionally skewing the average of a bid to cause uncertainty in the bidding process.
“Violations of the nation’s antitrust laws will be taken seriously and those who circumvent federal bidding and contract regulations will be held accountable,” said Special Agent in Charge Joseph Harris of the Department of Transportation Office of Inspector General (DOT-OIG), Southern Region.
The collective of Biscoe, Shelton, and the company, Sioux, have been charged with violating the Sherman Act, specifically Section 1.
Sioux could face a $100 million criminal fine for their complicity and both Biscoe and Shelton could face ten years behind bars, and a $1 million fine.
“Today’s announcement represents the FBI’s commitment to protecting competitive markets from those who try to cheat the system,” said Acting Special Agent in Charge Joseph Skarda of the FBI Oklahoma City Field Office. “We will continue to work alongside our law enforcement partners to uncover these harmful schemes and hold the perpetrators responsible.”
Image: Pexels.
The post Two people charged in $100 million publicly-funded price-fixing Conspiracy appeared first on Due.
Before you consider Harris, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Harris wasn't on the list.
While Harris currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
