Father-Son Execs Plead Guilty In $42M Military Flare Case

By Michael Lipkin (January 12, 2015, 9:59 PM EST) -- A father-son pair of executives pled guilty on Monday to helping flout a 305 percent anti-dumping duty on Chinese magnesium powder that was unknowingly used by a U.S. military contractor to make $42 million worth of aircraft flares, New York federal prosecutors said.

Gregory Magness, president of Superior Metal Powders Inc., pled guilty to conspiracy to smuggle and conspiracy to commit money laundering, while his son Justin, the company's vice-president, admitted to aiding and abetting giving a false document to Customs agents.

Superior Metal, a supplier of specialty metal powders, had a deal with ESM Group Inc. from 2003 to 2006...

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