FORT SMITH, Ark., Jan. 31 (UPI) -- Thomas Coughlin, a former vice chairman of Wal-Mart Stores Inc., pleaded guilty Tuesday to U.S. wire fraud and tax evasion charges.
Coughlin, 56, faces up to 28 years in prison on all the charges when he is sentenced in two or three months, ArkansasBusiness.com said.
Coughlin said in December 2004 he would retire as head of all U.S. Wal-Mart and Sam's Club stores in January but remain on the company's board until June 3. In March, he resigned from the board, and Wal-Mart told the Securities and Exchange Commission that it had asked for his resignation after a disagreement concerning gift card use and reimbursements.
The discounter also sued Coughlin in July claiming that, between 1997 and 2003, he had fraudulently obtained or billed the company for $223,709 worth of personal expenses.
