The former chief executive of Bumble Bee foods LLC has been convicted in a conspiracy of price-fixing. The investigation which was carried on against CEO named Chris Lischewski lasted for a year in the United States. This investigation shook the industry of seafood packaging and during the last month, this company went into Bankruptcy because of the investigation.
On Tuesday, Chris Lischewski had been found guilty by a San Francisco jury only after some hours of discussions in what the experts call a likely final part of the probe by the justice department. The Prosecutors have alleged that he and a rival company’s colleagues along with the executives had conspired on making a proposal for the boosting of prices for meeting the targets of earnings which had been set by the sale of Bumble Bee to Lion Capital in the year 2010.
The ex CEO is looking at up to 10 years in prison and a fine which is going to be $1 million as per this indictment.
The lawyer of Lischewski has said that he and his client were disappointed by the verdict which had come out from the federal jury.
He said that they are confident of Lischewski being innocent and has the intent of continuing their pursuit for justice for Lishchewski vigorously.
This conviction has highlighted the fact that the Department of Justice is both able and willing to try these high stakes cases of price fixing even if they are against the senior executives according to Phil Giordano who is a former federal prosecutor.
Bumble bee is based in San Diego and is the owner of North America’s largest brand of packaged sea food.