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Sarbanes-Oxley News & Developments
Former Ahold Exec May Face Life in JailThe conviction of Mark Kaiser could spawn one of the stiffest sentences in a period of notably lengthy punishments for white-collar crime.
> > Kaiser, who remains free on bail until his sentencing on Feb. 8, was accused of helping to lead an $800 million accounting fraud involving promotional rebates at Columbia, Md.-based U.S. Foodservice, according to several reports. Bloomberg reported that Kaiser allegedly helped the supermarket owner overstate earnings from 2000 to 2003 by recording as income promotional rebates that the company had not yet earned. As a result, Kaiser reportedly was able to earn a larger bonus.
The securities fraud count carries a 20-year maximum sentence, conspiracy has a five-year maximum, and the false filing counts each carry a 10-year maximum sentence.
Source: CFO
Published:2006-11-13
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