Wal-Mart exec's five-finger discount

cnn ^ | 1-31-06

[LouAvul]

FORT SMITH, Arkansas (AP) -- A former Wal-Mart Stores Inc. vice chairman who was a protege of founder Sam Walton pleaded guilty to fraud and tax charges Tuesday, admitting that he stole money, gift cards and merchandise from the world's largest retailer.

Tom Coughlin, 57, faces a maximum of 28 years in prison after pleading guilty to five counts of wire fraud and one count of filing a false tax return. He also could be fined $1.35 million.

The judge ordered a presentencing report that will take up to 14 weeks to prepare.

Wal-Mart lawyers referred Coughlin to federal prosecutors after discovering Coughlin had embezzled money from the company and used expense vouchers to buy products as varied as snakeskin boots, hunting trips and Bloody Mary mix. They estimated losses at up to $500,000.

[AppyPappy]

We did this legally where I used to work. We had a special part of the warehouse set aside for "promotional" items. These went to the executives to "promote" our products.

[martin_fierro]

< kidding >Tom, we hardly knew ye.< /kidding >

[Anti-Bubba182]

He had it good and was a nitwit to blow it like that.

[atomicpossum]

He also could be fined $1.35 million.

Maybe he can get a 'price rollback' to $1.07 mil.

[MplsSteve]

LOL!

[Brilliant]

"used expense vouchers to buy products as varied as snakeskin boots, hunting trips and Bloody Mary mix."



Hmmmmm.... Sounds like one of Bubba's buddies.

[Fawn]

Ok...where's that guy who told me CEO's are honest......

[The South Texan]

Maybe they will send him to China to serve his time.

[Fawn]

PING!

[WashingtonStateRepublican]

"...admitting that he stole money, gift cards and merchandise from the world's largest retailer."

Nah, he was just testing out the merchandise for quality control purposes and making sure the gift cards functioned properly. No harm done.

[Sometimes A River]

I am all for laws against fraud, theft, etc.

Looks like the system worked.

[stinkerpot65]

Looks like he ate Walmart.

[ex-Texan]

LOL, LOL, LOL! With many states suing Wal-Mart for illegal institutional practices (requiring work without pay, failing to pay overtime wages, sexual discrimination, age discrimination, employing illegal aliens, overcharging customers) Wally World may find itself involved in a RICO claim.

[stinkerpot65]

Looks like he ate Walmart.

[stinkerpot65]

Oops.

[WashingtonStateRepublican]

"Maybe they will send him to China to serve his time."

Maybe, but turning this Gentleman into an organ donor might be a little harsh.

[The South Texan]

"Maybe, but turning this Gentleman into an organ donor might be a little harsh."

True, but he could see the factories that make Wal-Mart's Christmas decorations and other merchandise in action.

[WashingtonStateRepublican]

That is before he would be chopped and sold.

[showme_the_Glory]

Lucky for him Sam's not still around.