Insulation Cos. Plead Guilty To Bid-Rigging

Law360, New York (April 5, 2007, 12:00 AM EDT) -- Two insulation service companies and one of their owners have pled guilty to rigging bids offered to New York hospitals over a five-year period, the U.S. Department of Justice said.

Michael Theodorobeakos and two companies he co-owns, Monosis Inc. and STU Associates Inc., have admitted to conspiring to offer anti-competitive contracts to New York City’s Mount Sinai Medical Center and New York Presbyterian Hospital, the DOJ said on Wednesday.

Theodorobeakos faces up to 10 years in prison, three years of supervised release and $1 million in...
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