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Ex-O.C. firm exec pleads guilty to bribing a Chinese official

May 30, 2012|By Ryan Faughnder

A former executive at an Orange County valve company pleaded guilty to bribing a Chinese government official, the U.S. Attorney’s office announced Tuesday.

Paul Cosgrove, former executive vice president of the Rancho Santa Margarita-based Control Components Inc., admitted to taking part in a foreign bribery scheme that resulted in a profit of $46.5 million, according to the U.S. Attorney in Los Angeles.

Before U.S. District Judge James V. Selna in Santa Ana, he pleaded guilty to one count of making a corrupt payment of about $7,500 to a foreign government official in China.

Cosgrove, who resides in Laguna Niguel, faces up to 15 months in prison. His sentencing is scheduled for Aug. 27.

The Justice Department had accused Cosgrove of making $1.9 million in bribes to foreign state-owned companies and $300,000 to private companies between 2003 and 2007.

Cosgrove's attorney could not be reached for comment.

Cosgrove's guilty plea is the latest development in CCI's legal battle over charges of foreign bribery. 

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