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US: Former executive at Chinese bank pleads guilty in bid-rigging case

 |  November 15, 2019

A former vice president at the New York brokerage unit of a large Chinese bank pleaded guilty to a criminal antitrust charge, the latest defendant ensnared in a federal crackdown on the market for American depositary receipts.

Peter Volino, a former vice president at Industrial and Commercial Bank of China Financial Services LLC, admitted to violating bid-rigging laws by participating in a scheme to submit artificially low bids, the U.S. Justice Department said Thursday.

Full Content: Wall Street Journal

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