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ADM faces indictments
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September 12, 1996: 6:44 p.m. ET
U.S. closing in on several top execs after 4-year probe
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NEW YORK (CNNfn) -- Federal grand jurors could soon hand down criminal indictments against Archer Daniels Midland Co. and two of its top executives in a 4-year-old price-fixing probe, sources told CNNfn on Thursday.
Sources, speaking on condition of anonymity, said they expect a grand jury to indict Michael Andreas, ADM's 47-year-old executive vice president. Observers consider Andreas the top candidate to succeed his father, Dwayne, as ADM chairman.
Sources also said they expect jurors to indict Terrence Wilson, 58, head of ADM's corn-processing division.
Jurors will apparently charge the pair with conspiring to fix prices on lysine, a livestock-feed additive.
Lawyers for both ADM officials did not return telephone call seeking comment.
Sources say ADM will likely settle separate price-fixing charges against the company itself by paying the government perhaps more than $200 million.
ADM officials declined to comment, but the company has consistently denied any wrongdoing since the government launched the probe.
Lastly, sources said that whistleblower Marc Whitacre, a former ADM executive who secretly taped meetings for the FBI, has agreed to plead guilty to tax evasion and shareholder fraud.
Whitacre received millions of dollars that he maintains ADM gave to him voluntarily, but which the company charges the former executive embezzled.
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