{"id":9261,"date":"2015-02-11T16:26:42","date_gmt":"2015-02-12T00:26:42","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=9261"},"modified":"2015-02-11T16:41:15","modified_gmt":"2015-02-12T00:41:15","slug":"former-vice-president-rite-aid-pleads-guilty-making-false-statements","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=9261","title":{"rendered":"Former Vice President of Rite Aid Pleads Guilty to Making False Statements"},"content":{"rendered":"

PENNSYLVANIA\u00a0<\/strong> \u2014\u00a0A former Rite Aid vice president and a New Jersey businessman plead guilty to federal charges stemming from a $29.1 million surplus inventory sales-kickback scheme, according to officials.<\/p>\n

Rite Aid<\/strong> is a publicly-owned national drug store chain with its headquarters located in Camp Hill, Pennsylvania.<\/p>\n

During a hearing before U.S. District Court Judge John E. Jones III on Tuesday,\u00a0Jay Findling,<\/strong> age 54, of Manalapan, New Jersey, plead guilty to an Information charging him with Conspiracy to commit Wire Fraud, officials said.<\/p>\n

In a separate proceeding held earlier on Tuesday, \u00a0officials said former Rite Aid Vice President Timothy P. Foster,<\/strong> age 65, of Portland, Oregon, \u00a0plead guilty to the same Information charging him with False Statements to Authorities.<\/p>\n

Both charges are punishable by up to five years\u2019 imprisonment and a $250,000 fine.<\/p>\n

According to federal officials, \u00a0Foster and Findling were alleged involved in nine year conspiracy to defraud Rite Aid, a publicly-owned national drug store chain with its headquarters located in Camp Hill, Pennsylvania. The scheme was done through a surplus inventory sales scheme that took place between 2001 and 2010, officials said.<\/p>\n

As the Vice President for Quality Assurance, Foster\u2019s primary responsibilities at Rite Aid involved the liquidation of surplus Rite Aid inventory across the country.<\/p>\n

During the time period in question, Foster worked for Rite Aid in Oregon.<\/p>\n

According to the criminal information, Findling\u2019s and Foster\u2019s scheme succeeded by making Rite Aid believe its surplus inventory had been sold to Findling\u2019s company, J. Finn Industries LLC, for amounts reported by Foster when, in fact, the inventory had been sold to third parties for greater amounts.<\/p>\n

Findling would then kick back a portion of his profits to Foster.<\/p>\n

The scheme allegedly started in 2001 and continued until February of 2010 when Foster resigned from Rite Aid.<\/p>\n

According to the criminal information, here are the\u00a0\u00a0facts and circumstances surrounding this \u00a0case:<\/p>\n