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Turkey warns Israel over airspace violations
HARRISBURG, Pa., June 17 (UPI) -- Former Rite Aid Corp. Chief Executive Martin Grass agreed Tuesday to plead guilty to two counts of conspiracy.
The plea bargain calls for an eight-year prison sentence and about $3.5 million in fines and forfeitures, the Wall Street Journal reports.
Grass appeared before U.S. District Judge Sylvia Rambo in Harrisburg, Pa., as prosecutors outlined a plea bargain that calls for him to plead guilty to one count of conspiracy to defraud Rite Aid and its shareholders and one count of conspiracy to obstruct justice.
The remaining charges were dismissed.
Grass, the son of the drug-store chain's founder, was indicted by a federal grand jury a year ago along with three others from the pharmacy chain, based in Camp Hill, Pa.
Prosecutors said the former Rite Aid executives masterminded a scheme to inflate Rite Aid's earnings, which resulted in a mid-2000 restatement of $1.6 billion in net income, at the time the largest earnings adjustment in U.S. corporate history.
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