Two Sentenced to Prison for Stealing $1.5 Million from Goodyear - Tire Review Magazine

Two Sentenced to Prison for Stealing $1.5 Million from Goodyear

Two Chinese nationals were sentenced to more than two years in prison for defrauding Goodyear Tire & Rubber Co. out of $1.5 million. Following their release, the pair will be deported.

Xin Franco Fan and Rex Xu Yu both pleaded guilty to conspiracy to commit wire fraud and honest services wire fraud, according to the U.S. Attorney’s office. Both were sentenced to 27 months in prison and ordered to pay $1.5 million in restitution.

Both men were employees of Goodyear Orient Co., which manages all of the natural rubber purchasing, delivery, financing and quality certifications for Goodyear’s global operations.  Fan, Yu and others incorporated overseas shell companies in which they held a financial interest and caused Goodyear to purchase natural rubber from these companies, court documents said.

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