Thomas Coughlin, the former Vice Chairman of Wal-Mart Stores Inc. will plead guilty to federal charges of wire fraud and tax evasion. He was accused of stealing $500,000 through the improper use of gift cards and expense reimbursements. Mr. Coughlin’s compensation was millions of dollars, but was nonetheless caught having the company pay for personal items.
The guilty plea will include five counts of wire fraud and one count of tax evasion. In exchange for the guilty plea, federal prosecutors will not pursue additional charges of money laundering.
Mr. Couglin worked for Wal-Mart for 27 years, and was given a retirement package worth more than $10 million. This agreement has been rescinded and is not the subject of litigation.
Related Posts