DoJ Sends Chi Mei Exec to the Slammer for LCD Price Fixing

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News Posted: Thu, Jul 29 2010 11:04 AM
Bad boys, bad boys, whatcha you gonna do? Whatcha gonna do when the U.S. Department of Justice slaps you silly for conspiring to fix prices of LCD panels on a global scale? So maybe the actual theme song goes a little differently than that, but we have an answer to the question nonetheless. When the DoJ lobs a legal backhand your way for bending the public over and kicking them in the wallet, you're going to serve time in jail. That's the self-imposed plight Wen-Hung "Amigo" Huang, a former executive from Chi Mei Optoelectronics Corporation, finds himself in after pleading guilty to conspiracy to fix LCD prices.

"Under his plea agreement which is subject to court approval, Huang, who was charged today, has agreed to serve 9 months in jail, to pay a $25,000 criminal fine, and to assist the department in its ongoing TFT-LCD investigation," the DoJ said in a statement.


Huang, who is charged with violating the Sherman Act, could have been sentenced to up to 10 years in prison and fined $1 million. His alleged shenanigans, along with those of others who the DoJ says conspired to fix LCD prices, affected "some of the largest computer and television manufacturers in the world, including Apple, Dell, and Hewlett-Packard."

So far in this investigation, over $890 million in fines have been issued and obtained.
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3vi1 replied on Thu, Jul 29 2010 2:59 PM

>> agreed to serve 9 months in jail, to pay a $25,000 criminal fine

I've got a vague idea of what his salary would be, but does anyone know what he made in bonuses and stock options over the period in question? The $25,000 fine seems like it failed to take that kind of remuneration into account.

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What is one persons Price Fix,....Is other peoples price Cap or Tax? :P

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acarzt replied on Thu, Jul 29 2010 5:41 PM

I'm very curious of specifically how much this effected us?

What were we paying?

And what could we have been paying were it not for us being screwed?

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I demand reparations

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AKwyn replied on Thu, Jul 29 2010 7:01 PM

Well I did look into buying an LCD TV and the prices I saw were outrageous. 1,300 for an LCD LED TV? That is outrageously high.

 

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acarzt replied on Thu, Jul 29 2010 7:02 PM

Yea! Where's our reparations! lol

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lonewolf replied on Thu, Jul 29 2010 9:27 PM

Sounds like he got off easy to me, I really would like to know is there such a thing as "Doing time in the joint"!!!!

That is the problem all these "cats" get off easy in a private upscale luxury half way house. I say lock them up in a San Quentin type of establishment let them sit in about a year with some death row inmates. Stop playing games DOJ and get serious!!!!!!

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He hasn't really done anything different from the people in Washington:P

They all just learned how to get away with things after Enron, and made it legal by taking over the courts.

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Inspector replied on Thu, Jul 29 2010 10:14 PM

So what will be the price on LCDs now? i would love to know :)

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acarzt replied on Thu, Jul 29 2010 10:36 PM

they're gonna go up lol

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ClemSnide replied on Fri, Jul 30 2010 12:07 AM

Reparations, lifeskills, would be called "class action lawsuits." Get ready for official-looking envelopes in your mailbox, assuming you remembered to send in the registration card.


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realneil replied on Fri, Jul 30 2010 11:51 AM

He got off with a low sentence and fine because he's cooperating with the investigation.

9 months and $2,500.00 beats the crap out of 10 years and $1,000,000.00 any day.

The DOJ is using him to get at other people who may not get off so easy.

They've fined or recovered 890 Million dollars so far? Where is all of that cash going to?

Send me a check please.

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acarzt replied on Fri, Jul 30 2010 5:35 PM

No kidding Neil... That's a lot of money! How about pumping it back into the community :-D

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