Grass, 50, who headed up the nations third-largest pharmacy chain in the late nineties before being forced out in October 1999, withal was fined $500,000 and given three years probation for his role in a billion-dollar be fraud that sent the companys stock tumbling.
Before U.S. District forecast Sylvia H. Rambo handed down the sentence, Grass apologized to Rite Aid, its stockholders and employees.
For the harm caused to them, I am truly sorry, he give tongue to.
Grass was indicted by a federal grand jury two years ago. On the eve of trial that was to start last June he pleaded guilt-ridden to conspiracy to defraud Rite Aid and its shareholders and conspiracy to prevent justice, in a deal that required him to cooperate with prosecutors.
He reached a plea deal that called for up to eight years in prison, but Rambo refused to go along with it. A sunrise(prenominal) deal called for him to serve up to 10 years in prison for conspiring to defraud and obstruct justice.
At the time of his plea, prosecutors said Grass admitted to a series of illegal activities, from backdating contracts and severance letter to misleading the company and federal investigators about a $2.6 billion real estate deal. They said he also met with employees called to aver before the grand jury and encouraged them to lie.
During Grass time at the head of the Camp Hill-based company founded by his father, Alex Grass, its stock outlay soared as Rite Aid engaged in an hard-hitting expansion effort. But the grand jury said the prosper years were accomplished by massive accounting fraud, the give falsification of financial statements, and intentionally false SEC filings.
little than a year after Grass left the company, the sore management team restated the companys net earnings in 1998 and 1999...If you necessitate to get a full essay, order it on our website: Ordercustompaper.com
If you want to get a full essay, wisit our page: write my paper
No comments:
Post a Comment