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Rite Aid ex-execs

This article was originally published in The Tan Sheet

Executive Summary

Former VP Eric Sorkin pleads guilty June 26 in Harrisburg, Penn. federal court to single charge of conspiracy. He faces maximum five-year prison sentence and fine of up to $250,000. Franklin Brown, drugstore chain's former chief counsel, granted postponement until July 14 to decide whether he will plead guilty or go to trial. Actions follow ex-Rite Aid CEO Martin Grass' guilty plea to one count of conspiracy to obstruct justice, one count of conspiracy to defraud Rite Aid and its shareholders June 17. The 49-year old exec faces more than $3.5 mil. in monetary penalties, eight-year prison sentence under plea agreement. Grass and Sorkin could testify against Brown. Justice Department filed criminal charges, SEC filed account fraud charges against Rite Aid last June (1"The Tan Sheet" July 8, 2002, In Brief)...

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