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Rite Aid fraud case

This article was originally published in The Tan Sheet

Executive Summary

Jury in Pennsylvania federal court convicts former Rite Aid Chief Counsel Franklin Brown of 10 counts including "conspiracy, false statements to the SEC, obstruction of justice, obstruction of SEC proceedings and witness tampering," U.S. Attorney announces Oct. 17. Indictments filed by Justice Department, Securities & Exchange Commission in 2002 charged Brown with conspiracy to overstate the firm's income and inflate charges to vendors (1"The Tan Sheet" July 8, 2002, In Brief). Conviction follows plea agreements from five other Rite Aid execs (2"The Tan Sheet" June 30, 2003, In Brief). Brown faces up to 65 years imprisonment and $2.5 mil. in fines. Sentencing has not been set...
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