 |
Sarbanes-Oxley News & Developments
Ex-Rite Aid Exec Pleads GuiltyPhilip Marovitz, a fourth former Rite Aide executive, pleaded guilty to criminal conspiracy.
> > Philip Markovitz pleaded guilty to a single felony count of conspirancy to obstruct justice. Markovitz faces a maximum penalty of five years imprisonment and a $250,000 fine for involvement in an accounting scandal that forced Rite Aid to overstate its earnings by $1.6 billion in the late 1990s.
Three other former Rite Aid executives await sentencing after pleading guilty to conspiracy in the scandal, including former Chief Executive Martin Grass, former Chief Financial Officer Frank Bergonzi and Former Vice President Eric Sorkin. A fifth executive, former Vice Chairman and chief counsel Franklin Brown, has until Monday to say whether he will alter his initial not-guilty plea or face federal trial on 36 counts contained in a federal grand jury indictment.
Source: CNN Money article
Published:2003-07-11
|
|
