SOUTHLAND : VSI Admits Conspiracy Guilt
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Culver City-based VSI Corp., the biggest maker of aerospace fasteners, today pleaded guilty to conspiracy and agreed to pay $37 million in fines and costs to settle federal charges that it schemed for 15 years to falsify test reports on parts.
In an appearearce in U.S. District Court in Seattle, the company also agreed to pay a $21.5-million fine and pay the government an estimated $1 million for the costs of the investigation.
To resolve a separate civil case, VSI will make an additional payment of $14.5 million, part of which the government will distribute among three former VSI employees who initiated the investigation.
VSI and two of its managers appeared before Judge Barbara Rothstein to enter their pleas.
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