Crime in the Fastener Industry
FEATURE
This week it was news about people outside a fastener company taking pension funds from those fastener employees.
But in the past some fastener firms have ended up in trouble. In 1994 a federal court judge gave American Precision Components of Farmingdale, New York, the corporate death penalty.
The charges involved selling low-grade level screws, bolts, nuts and o-rings to the government instead of highly tested components for space projects.
The death sentence for American Precision echoes the tough line by federal attorneys on results of the undercover investigation into the military fastener industry. American Precision is one of the first uses of the 1991 sentencing guidelines that dissolve corporations.
Related Stories:
• Three Guilty of ‘Looting’ Fastener Company Funds
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