CEO convicted for false claims Korean goods made in USA
Charles Kim, March 17, 2017, 9:37 a.m.
A federal jury in Chicago has convicted a South Korean CEO of defrauding municipal governments into using federal money on wastewater-treatment equipment they were falsely told was made in America.
Prosecutors alleged that Heon Seok Lee arranged for signs that read ``Assembled in USA‘’ to be put on the products before being shipped from South Korea to the United States.
The American Recovery and Reinvestment Act of 2009 required that billions set aside for the construction and renovation of wastewater facilities be spent on American-made goods.
The 50-year-old CEO of KTURBO was extradited to the U.S. in 2015. Jurors convicted him Wednesday on multiple counts of wire fraud and fraudulent importation of goods. Each count carries a maximum 20-year prison term. A sentencing date hasn‘t been set.