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Former Rite Aid CEO, CFO Sentenced

Two former top executives of Rite Aid Corp. are heading to prison.

> > Former CEO Martin Grass was sentenced to 8 years for his role in the $1.6 billion accounting scandal at Rite Aid. Grass was also sentenced to 3 years of supervised release following his prison term.
Former CFO Frank Bergonzi received a sentence of 28 months. His sentence was 40 percent lighter than that prescribed by federal sentencing guidelines because he provided "substantial assistance" to prosecutors, said William Fulton, one of his lawyers. Bergonzi also agreed to be permanently barred from serving as an officer or director of a publicly traded company.
Source: CFO


Published:2004-06-01
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