Flavio Ricotti, vice president of Control Components Inc. (CCI), a California valve company that manufactures service control valves for energy industries, has pleaded guilty to taking part in a conspiracy to bribe foreign government officials and businessmen.
According to the Department of Justice (DOJ) release, Ricotti pleaded guilty to violations of the FCPA and the Travel Act. Specifically, Ricotti admitted that he conspired with other employees of CCI to offer a payment to an official of Saudi Aramco, a Saudi Arabian state-owned oil company in an attempt to win a valve contract in 2003. He also admitted to conspiring with other CCI employees to make a payment to an employee of a private company in order to obtain the employee’s assistance in awarding a valve contract to CCI in Qatar.
In 2009, two other defendants pled guilty to conspiring to bribe officers and employees of foreign state-owned companies on behalf of CCI.
Ricotti faces up to five years in prison.