(Sioux City)– The President of an Iowa Ready-Mix concrete company has pleaded guilty to participating in a conspiracy to fix prices and rig bids.
The U.S. Department of Justice says Kent Stewart entered the guilty plea Monday in U.S. District Court in Sioux City.
According to a one-count felony charge filed earlier this month, Stewart conspired to fix prices and rig bids for Ready-Mix concrete sold to various companies in Iowa from approximately January 2008 to August of last year.
Stewart reportedly discussed project bids for sales, submitted rigged bids at collusive and noncompetitive prices and accepted payment at collusive and noncompetitive prices.
Stewart was charged with violating the Sherman Antitrust Act, which carries a maximum penalty of 10 years in prison and a fine of $1 million per count.
(Story from the Associated Press.).
