P.M. BRIEFING : S.D. Firm Admits Bribery Plot
ALEXANDRIA, Va. — A subsidiary of Cubic Corp. and its former chief executive pleaded guilty today to conspiring to bribe a Pentagon procurement official as part of the company’s efforts to obtain lucrative Air Force contracts.
San-Diego-based Cubic Defense Systems Inc. pleaded guilty to three felony counts of conspiracy, theft of government property and filing false statements. It agreed to pay $4.65 million in fines and penalties.
Colvin Clay (Sam) Wellborn, 58, the former chief executive of the subsidiary, pleaded guilty to conspiracy to bribe Pentagon official Victor Cohen and theft of government property. Wellborn faces up to 15 years in prison and $500,000 in fines for the two convictions.
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