Mahwah company admits to price-gouging, selling grocery chain N95 masks for 400% more than it paid
A Bergen County company has admitted it violated price-gouging laws by selling N95 protective masks for 400% more than what it paid for them.
Mahwah-based TSC Agency, a logistics company, faces a possible fine of $200,000 or more, depending on the amount of monetary loss by the victims. The U.S. attorney's office says the company and two partners bought 250,000 masks at $1.09 per mask in March 2020. It then sold 100,000 masks to a grocery chain for $5.25 per mask.
The federal Defense Production Act invoked during the pandemic prohibits the hoarding of materials for resale at higher than prevailing market prices.
The Associated Press wire services contributed to this report.