Two former officials of a California firm that bills itself as the “world’s leading provider” of specialty service control valves in global energy and industrial facilities will be sentenced on July 20 after pleading guilty to federal corruption charges for bribery and conspiracy. Six other former executives of Rancho Santa Margarita-based Control Components Inc., including ex-CEO Stuart Carson, were indicted last month by the U.S. Dept. of Justice on similar charges. Neither the firm, a unit of U.K.-based IMI plc, nor current managers were indicted.
DOJ charged Carson and the five other executives with multiple counts under the Foreign Corrupt Practices Act and related federal statutes. The April 6 indictment alleges the defendants made about 236 corrupt payments totaling more than $6 million in more than 30 countries between 1998 and 2007 that generated $46.5 million in net profits from resulting sales. The two other executives, Mario Covino, CCI’s ex-director of worldwide factory sales, and Richard Morlok, its onetime finance director, pleaded guilty earlier this year to making bribes totaling more than $1.6 million.