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Business Crimes Hotline
CALIFORNIA
Three Companies Fined for LCD Price-fixing Conspiracies
Three leading electronics manufacturers ' LG Display Co. Ltd., Sharp Corp., and Chunghwa Picture Tubes Ltd. ' agreed to plead guilty to a price-fixing conspiracy involving liquid crystal display (LCD) panels. The three companies agreed to pay a combined $585 million in criminal fines, with LG paying $400 million of that amount, which represents the second highest criminal fine ever imposed by the Department of Justice's Antitrust Division. Thin-Film Transistor-Liquid Crystal Display (TFT-LCD) panels are used in computer monitors and notebooks, televisions, mobile phones, and other electronic devices. In 2006, the worldwide market for TFT-LCD panels was approximately $70 billion.
Companies directly affected by the LCD price-fixing conspiracies are some of the largest computer, television and cellular telephone manufacturers in the world, including Apple, Dell, and Motorola.
NEW YORK
Former UBS Executive Sentenced for Insider Trading
A former UBS executive was sentenced to 6.5 years' imprisonment for a massive insider trading scheme. Prosecutors described it as the most pervasive insider trading ring since the 1980s. Michael Guttenberg, the convicted executive, was an institutional client manager in UBS' equity research department. Guttenberg was on UBS' investment review committee, which gave him access to analysts' stock picks before they went public. Guttenberg allegedly tipped his friends to the stock picks in coded text messages on disposable mobile phones or at lunch in Grand Central Terminal's Oyster Bar in New York City. Thirteen other people, including former employees of prominent Wall Street firms, were charged in connection with the fraud, which netted them an estimated $15 million in profits.
CALIFORNIA
Three Companies Fined for LCD Price-fixing Conspiracies
Three leading electronics manufacturers ' LG Display Co. Ltd., Sharp Corp., and Chunghwa Picture Tubes Ltd. ' agreed to plead guilty to a price-fixing conspiracy involving liquid crystal display (LCD) panels. The three companies agreed to pay a combined $585 million in criminal fines, with LG paying $400 million of that amount, which represents the second highest criminal fine ever imposed by the Department of Justice's Antitrust Division. Thin-Film Transistor-Liquid Crystal Display (TFT-LCD) panels are used in computer monitors and notebooks, televisions, mobile phones, and other electronic devices. In 2006, the worldwide market for TFT-LCD panels was approximately $70 billion.
Companies directly affected by the LCD price-fixing conspiracies are some of the largest computer, television and cellular telephone manufacturers in the world, including
Former UBS Executive Sentenced for Insider Trading
A former UBS executive was sentenced to 6.5 years' imprisonment for a massive insider trading scheme. Prosecutors described it as the most pervasive insider trading ring since the 1980s. Michael Guttenberg, the convicted executive, was an institutional client manager in UBS' equity research department. Guttenberg was on UBS' investment review committee, which gave him access to analysts' stock picks before they went public. Guttenberg allegedly tipped his friends to the stock picks in coded text messages on disposable mobile phones or at lunch in Grand Central Terminal's Oyster Bar in
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