Wednesday, November 09, 2005

Former Wal-Mart VP pleads guilty to enabling fraud

In the wake of Wal-Mart’s firing of Tom Coughlin, comes this story:

Former Wal-Mart Stores Inc. vice president pleaded guilty to fraudulently preparing false invoices allowing another company executive to spend $18,105 in company money on himself.

Robert Hey Jr., 42, entered the plea yesterday in federal court in Fort Smith, Ark., to three counts of wire fraud. He admitted preparing phony invoices that allowed a Wal-Mart ''senior executive," referred to in court papers as John Doe, to use company money to pay for hunting trips and truck repairs.

The payments arranged by Hey included an $8,640 hunting trip for ''John Doe" and seven friends, $2,965 for repairs to Doe's 1999 Ford truck, and $6,500 for his personal South Texas hunting lease, according to the plea agreement.
Good to see those profits being used wisely.