SoCal import/export firm head guilty of wire fraud

SoCal import/export firm head guilty of wire fraud The head of a Southern California import/export firm has pleaded guilty to engaging in a conspiracy to commit wire fraud, the Justice Department said Monday.
   Yong Zhu, president of a Chino, Calif.-based firm that supplies Chinese parts to U.S. companies, faces up to 20 years in prison and a fine of up to $250,000. The Justice Department did not identify the company.
   Zhu pleaded guilty Monday in the U.S. District Court in Islip, N.Y., to participating in the wire fraud scheme between 2002 and 2004, both by telephone and in face-to-face meetings. During the time of the conspiracy, Zhu paid the employee of a manufacturing company about $10,000. In return, the employee provided Zhu with sensitive pricing information that assured Zhu’s company would receive subcontracting awards from the manufacturing company.
   Under the plea agreement, Zhu has agreed to cooperate with the department’s ongoing investigation. Terms of the plea agreement are subject to court approval.
   This is the 10th plea agreement to arise from an ongoing investigation into the military restraints industry. Military restraints are used to secure vehicles, aircraft, munitions, shipping containers and other specialized military cargo requirement for land, sea and air transportation.