Trial of Former Rite Aid Execs Postponed
NEW YORK -- The trial of two former Rite Aid Corp. officers was postponed on Friday at their request after Rite Aid's former cfo pleaded guilty to conspiracy to commit accounting fraud, according to a Reuters report.
In a telephone conference with Judge Sylvia Rambo,
former Rite Aid chairman and ceo Martin Grass and former vice chairman and general counsel Franklin Brown asked that the trial be postponed to June 23, said courtroom deputy Mark Armbruster. It was scheduled to begin on Monday.
The charges against Grass and Brown stem from a $1.6 billion overstatement of Rite Aid's profits in the late 1990s.
On Thursday, former Rite Aid cfo Frank Bergonzi pleaded guilty in U.S. District Court in Harrisburg, PA to conspiracy to commit accounting fraud by manipulating the drug store chain's earnings and financial statements.
As part of a plea bargain with investigating authorities, Bergonzi agreed to cooperate with the government's ongoing probe, prosecutors said. He faces a maximum penalty of five years imprisonment and fines totaling $250,000.
In a telephone conference with Judge Sylvia Rambo,
The charges against Grass and Brown stem from a $1.6 billion overstatement of Rite Aid's profits in the late 1990s.
On Thursday, former Rite Aid cfo Frank Bergonzi pleaded guilty in U.S. District Court in Harrisburg, PA to conspiracy to commit accounting fraud by manipulating the drug store chain's earnings and financial statements.
As part of a plea bargain with investigating authorities, Bergonzi agreed to cooperate with the government's ongoing probe, prosecutors said. He faces a maximum penalty of five years imprisonment and fines totaling $250,000.
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