CA-Ned Roscoe was sentenced yesterday to five years in prison, and his father, John Roscoe, was sentenced to five years probation with 12 months of house arrest, U.S. Attorney Melinda Haag announced. Ned and John Roscoe, former owners and employees of cigarettes for less! Who was in the midst of nearly 800 stores across the country and $ 1 billion in annual revenue?
After a month of trial by jury, Ned Roscoe, 51, of Fairfield, Calif., was convicted Feb. 22, 2011, of all 28 charges. At trial, evidence showed that Ned Roscoe of conspiracy to defraud and make false statements to Comerica Bank, committed 13 acts of bank fraud, and made 13 false statements to Comerica Bank, where he knowingly submitted weekly borrowing base reports of inventory Comerica to August 22 ., 2003, to November 14, 2003 with the overvaluation of inventory, eventually inflating inventory by more than 16 million dollars. The jury also found that Ned Roscoe caused additional false statements made in the Comerica Bank, where he directed the employee to explain the cause false inventory inflation. U.S. District Judge Ronald M. Whyte, who sentenced Ned Roscoe, showed that Ned Roscoe actions caused losses in the bank more than $ 10.7 million.
John Roscoe, 82, of Green Valley, Calif., pleaded guilty January 21, 2011, of conspiring to give false testimony in the Comerica Bank. In accordance with the plea agreement, John Roscoe admitted that from August 22, 2003 to November 24, 2003 Ned Roscoe deliberately prepared, or caused to be prepared, falsely inflated estimates of the inventory reported Comerica, that John Roscoe agreed with Ned Roscoe, that he would prepare, or cause to be prepared, these reports are borrowing base, and that John Roscoe agreed that they appear to Comerica Bank. John Roscoe later admitted that he was aware that the employee was directed to explain the cause of false inflation of inventory.
Federal Bureau of Investigation began an investigation in 2004 after the transition from Comerica Bank. Ned and John Roscoe were indicted by federal grand jury on June 16, 2007. September 30, 2011, the jury returned superseding the second charge, which contains 28 items.
These sentences were imposed Judge White, who was also sentenced Ned Roscoe, a five-year period of supervised release. Ned Roscoe is scheduled to begin serving his sentence on March 21, 2012. John Roscoe will begin serving his sentence immediately. The judge scheduled a hearing on the White March 5, 2012, to determine the amount of restitution Ned and John Roscoe will have to pay Comerica.
Eumi Choi and Grant Fondo are the assistant U.S. attorneys who prosecuted the case with Kamille Singh. The prosecution is the result of a three-year FBI investigation.