Former CEO gets 5 years for defrauding Montana appliance store
MISSOULA - The former CEO of a now-defunct Montana appliance and electronics chain has been sentenced to just over five years in federal prison for defrauding the employee-owned store founded by his father-in-law, leading it to file for bankruptcy.
U.S. District Judge Dana Christensen sentenced George Manlove on Friday, the Missoulian reported.
Manlove was found guilty in February of conspiracy and 172 fraud charges over his actions at Vann’s Inc. Prosecutors alleged he spent company money on personal expenses without the approval of the board of directors. The charges also alleged he and former chief financial officer Paul Nisbet conspired to create holding companies to buy buildings and lease them to Vann’s at above-market rates to pay off the loans and gain ownership of the buildings.
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After finding Manlove guilty, jurors ruled he should forfeit $2.4 million.
The complete article: http://www.greatfallstribune.com/story/news/2017/05/20/former-ceo-gets-5-years-defrauding-appliance-store/334099001/