Related Federal Cases
Former Marine Hose Executive Pleads Guilty in Bid-Rigging Scandal
Romano Pisciotti, a former executive of Parker ITR Srl, pleaded guilty to participating in a worldwide bid-rigging conspiracy, the U.S. District Court for the Southern District of Florida in Ft. Lauderdale announced.
Pisciotti, an Italian national and former manager of Parker ITR Srl’s Oil & Gas Business Unit, was extradited from Germany on April 3, 2014. He was arrested in Germany on June 17, 2013, and made his initial appearance in U.S. District court on April 4, 2014.
Pisciotti pleaded guilty to a one-count felony indictment that was filed under seal on Aug. 26, 2010, and unsealed on Aug. 5, 2013. He was charged with participating in the conspiracy from at least as early as 1999 until at least November 2006.
According to the indictment, Pisciotti carried out the conspiracy by agreeing to allocate shares of the marine hose market among the conspirators, use a price list for marine hose, and not compete for customers with other marine hose sellers.
Pisciotti will serve a total of two years in prison with credit for the nine months and 16 days he was held in the custody of the German government pending his extradition. He has also agreed to pay a $50,000 criminal fine.
The Antitrust Division and its law enforcement partners will continue to protect consumers from cartels that affect the domestic and international economy, said Assistant Attorney General Bill Baer in charge of the Antitrust Division.
Pisciotti’s guilty plea is part of an ongoing investigation into a conspiracy that affected prices for hundreds of millions of dollars in sales of marine hose and related products sold worldwide. Five companies and eight other individuals have pleaded guilty and have been sentenced to prison terms ranging from 12 months and one day to 30 months.
Indicted fugitive Uwe Bangert, a German national formerly associated with Dunlop Marine and Oil Ltd., remains at large.
Romano Pisciotti, Defendant: Italian national and former manager of Parker ITR Srl’s Oil & Gas Business Unit.
Criminal Charges: Participating in a conspiracy to rig bids, fix prices, and allocate market shares of marine hose sold in the United States and elsewhere.
City and State: Ft. Lauderdale, Florida.
Exact Date: April 3, 2014 (sentencing date).
Sentence or Outcome: Two years in prison with credit for nine months and 16 days held in German custody. $50,000 criminal fine.
Dollar Amounts: $50,000 (criminal fine), hundreds of millions of dollars (affected sales).
Key Facts
- State: Federal
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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