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MarketScreener Homepage  >  Equities  >  Nyse  >  Ford Motor Company    F

FORD MOTOR COMPANY

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Former UAW official pleads guilty in U.S. corruption case

04/02/2019 | 05:00pm EST
FILE PHOTO: UAW Vice President Norwood Jewell addresses their Special Bargaining Convention held at COBO Hall in Detroit

DETROIT (Reuters) - A former top United Auto Workers official in charge of the union's relations with Fiat Chrysler Automobiles NV (FCA) pleaded guilty on Tuesday in a U.S. federal court in Detroit to misusing the automaker's funds for lavish spending on UAW officials.

As part of a plea agreement, Norwood Jewell, who headed the UAW's FCA department from 2014 until his retirement in January 2018, pleaded guilty to a single charge of conspiring to violate the Labor Relations Management Act, which carries a maximum prison sentence of five years and a fine of up to $250,000.

Jewell is the highest-ranking former UAW official charged so far in a wide-ranging investigation into illegal payoffs to UAW officials by FCA. To date, seven people linked to the union and the automaker have been sentenced in the government's corruption investigation.

Jewell's court appearance comes at a sensitive time for the UAW, which faces contract talks later this year with FCA, General Motors Co and Ford Motor Co.

Prosecutors say FCA officials conspired to divert to UAW officials more than $4.5 million in training center funds intended to pay for training for union members.

Both the UAW and FCA have repeatedly said that only a few individuals were involved and that this did not affect contract talks between the two in 2015.

Dressed in a black suit, charcoal gray shirt and a black-and-blue striped tie, Jewell told the court he failed to properly apportion funds between his two roles at the UAW and the National Training Center funded by the FCA to train workers.

"I own up to what I did and I am taking responsibility for my actions," Jewell said.

Prosecutors have recommended a sentence of 12 months to 18 months.

According to court documents, Jewell used the FCA's National Training Center credit card and approved the use of the credit cards by other UAW officials to make more than $40,000 worth of charges for items such as travel and meals.

Defense attorney Michael Manley told reporters the corrupt practices preceded Jewell's appointment in 2014, that he had worked to halt those practices and "that he did not take anything for personal gain."

"My hope is that he will not go to jail," Manley said.

(Reporting By Nick Carey; Editing by Sonya Hepinstall)

By Nick Carey


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. 0.53% 13.948 Delayed Quote.-5.36%
FORD MOTOR COMPANY 7.44% 10.755 Delayed Quote.13.99%
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MEMBERS CO., LTD. -0.27% 2546 End-of-day quote.9.79%
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Financials (USD)
Sales 2020 117 B - -
Net income 2020 274 M - -
Net cash 2020 4 711 M - -
P/E ratio 2020 -319x
Yield 2020 1,50%
Capitalization 39 864 M 39 864 M -
EV / Sales 2020 0,30x
EV / Sales 2021 0,23x
Nbr of Employees 190 000
Free-Float 98,0%
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Mean consensus HOLD
Number of Analysts 19
Average target price 9,84 $
Last Close Price 10,02 $
Spread / Highest target 29,7%
Spread / Average Target -1,78%
Spread / Lowest Target -29,1%
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Managers and Directors
NameTitle
James D. Farley President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
John T. Lawler Chief Financial Officer & Vice President
Kenneth E. Washington Chief Technology Officer
John Lawson Thornton Independent Director
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