Execs guilty of profiteering
30 / 11 / 2011
GEORGE Gonzalez, former chief commercial officer of Peru’s Cielos Airlines, pleaded guilty this week to cargo price fixing following Hurricanes Katrina and Rita in 2005.
Gonzalez and three other airline executives, including Guillermo Cabeza, former president of Arrow Air, and Luis Juan Soto, former president of South Winds Cargo, conspired to fix fuel surcharges on cargo from the US to Latin America, profiteering from the upheaval caused by the devastation.
All three cooperated with the investigation and are now awaiting sentencing by a Miami (US) court. They could have faced a US1 million fine and 10 years in prison.