This week Pilgrim’s Pride Corporation’s Chief Executive Fabio Sandri entered a guilty plea at a hearing in front of U.S. District Judge Raymond Moore in Colorado. The plea comes after Pilgrim’s Pride was charged with scheming from 2012 to at least 2019 to reduce production so they could hike up prices of broiler chickens.
The company was sentenced to pay a fine of $107.9 million in order to settle the charges. Pilgrim’s Pride was the first poultry company to settle the charges for the price-fixing scam. Attorneys conclude that the company’s extortion had an impact of at least $361 million in sales of broiler chicken products.
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