Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Rite Aid Corporation    RAD

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 
The feature you requested does not exist. However, we suggest the following feature:

Rite Aid : scammer can't dodge date with prison cell, U.S. judge rules

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/13/2017 | 06:08pm CET

Jan. 13--Saying the "day of reckoning is nigh," a U.S. judge is refusing to permit a participant in a multimillion dollar scam against Rite Aid Corp. to delay his rendezvous with a federal prison cell.

The ruling U.S. Middle District Judge John E. Jones III issues this week means Jay Findling, a 55-year-old New Jersey businessman, must keep his Feb. 1 date to surrender to start his 4-year jail term.

Finding and former Rite Aid Vice President Timothy P. Foster, 66, pleaded guilty to charges that they conspired to defraud the drug store giant on the sale of surplus inventory. Foster was in charge of disposing of that merchandise for the company.

Investigators said Foster and Findling sold the property, under-reported the sale amounts, and kept the difference. Jones determined the loss to Rite Aid was more than $11.2 million.

Both men were sentenced in November. Jones ordered Foster to spend 5 years behind bars for his role in the con, which covered nearly a decade. The judge ordered the pair to start serving their prison terms this month.

However, Findling asked to be released on bail while he challenged Jones' loss calculation. He claimed there was no loss to Rite Aid and that the firm actually benefited from his and Foster's machinations. A zero loss figure could considerably lower his jail term, Findling argued.

Jones delayed Findling's prison reporting date to Feb. 1 to address those claims. The judge ultimately determined them to be "patent nonsense." He concluded that Findling doesn't deserve to remain free during the estimated 14 months it would take for the appeal process.

The $11.2 million loss figure he set is already considerably lower that the $29 million amount prosecutors claimed, Jones noted. The idea that Rite Aid suffered no loss is preposterous, he found, especially since Foster admitted he got $5.7 million in kickbacks from the scheme.

"We have no reason to believe that any other court would come to a different loss determination," the judge wrote. "Even if our loss determination was somehow flawed, (Findling's) argument that Rite Aid suffered no loss is patent nonsense."

"The arguments before us are beyond specious," he added. "Rather, they are the desperate gestures of a guilty man who seeks to delay his punishment. Sadly for (Findling), his day of reckoning is nigh."

Ex-Rite Aid VP, businessman, get years in federal prison for multimillion dollar scam

___

(c)2017 The Patriot-News (Harrisburg, Pa.)

Visit The Patriot-News (Harrisburg, Pa.) at www.pennlive.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on RITE AID CORPORATION
01/13 RITE AID : scammer can't dodge date with prison cell, U.S. judge rules
01/12 RITE AID'S DAYS NUMBERED AS WALGREEN : reports
01/12 RITE AID : Foundation Welcomes New Year with New Class of KidCents Charities
01/11 RITE AID : Irvington Police Warn Local Business Owners Of Phone Scam Involving C..
01/11 RITE AID : Shopping center that houses Rite Aid's operational headquarters and D..
01/05 RITE AID : Management's Discussion and Analysis of Financial Condition and Resul..
01/05DJWALGREENS BOOTS CEO : No Plan B for Rite Aid Merger--Update
01/05 RITE AID CORPORATION : Post Earnings Coverage as Rite Aid Top- and Bottom-line B..
01/05DJWalgreens Boots Profit Slips--Update
01/05DJWalgreens Boots Raises Low End of Annual Guidance
More news
Sector news : Retail - Drugs without Grocery
01/11DJWalgreens to Offer FedEx Dropoff and Pickup at Walgreens Locations Nationwide
01/05 U.S. loses bid to overturn AmEx antitrust decision
01/05DJWALGREENS BOOTS CEO : No Plan B for Rite Aid Merger--Update
01/05DJWalgreens Boots Profit Slips--Update
01/05DJWalgreens Boots Raises Low End of Annual Guidance
More sector news : Retail - Drugs without Grocery
News from SeekingAlpha
01/16 A Better Way To Profit From The Walgreens Boots Alliance / Rite Aid Deal
01/12 MIRACLE FORMULA INVESTING : Performing An Investment Miracle With CVS Health Cor..
01/11 Amazon Offers 5% Off Of Everything
01/11 What To Make Of The Walgreens And FedEx Partnership
01/11 NY POST : Rite Aid-Walgreens FTC approval expected any day
Advertisement
Financials ($)
Sales 2017 32 593 M
EBIT 2017 502 M
Net income 2017 69,1 M
Debt 2017 6 989 M
Yield 2017 -
P/E ratio 2017 144,33
P/E ratio 2018 123,71
Capi. / Sales 2017 0,49x
Capi. / Sales 2018 0,27x
Capitalization 9 114 M
More Financials
Chart RITE AID CORPORATION
Duration : Period :
Rite Aid Corporation Technical Analysis Chart | RAD | US7677541044 | 4-Traders
Full-screen chart
Technical analysis trends RITE AID CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 8,88 $
Spread / Average Target 2,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
John T. Standley Chairman & Chief Executive Officer
Kenneth A. Martindale President & Chief Operating Officer
Darren W. Karst SEVP, Chief Financial & Administrative Officer
Steve Rempel Chief Information Officer & Senior Vice President
Joseph B. Anderson Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
RITE AID CORPORATION5.10%9 114
RAIA DROGASIL SA2.58%6 448
AIN HOLDINGS INC4.78%2 292
ORIOLA KD OYJ-1.16%821
AUSTRALIAN PHARMACEUTI..-2.43%738
ADCOCK INGRAM HOLDINGS..1.85%646
More Results