Archive for Tuesday, November 8, 2005

Former Wal-Mart VP guilty of wire fraud

November 8, 2005

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A former Wal-Mart vice president pleaded guilty Monday to three counts of wire fraud, admitting that he manipulated invoices to embezzle money that was funneled to a senior executive.

Robert E. Hey Jr. had reported to Thomas Coughlin, a former Wal-Mart vice chairman who is under investigation by the U.S. Attorney's Office. Wal-Mart referred Coughlin to federal prosecutors this year alleging he had defrauded the company out of $500,000; Coughlin has not been charged.

Wal-Mart, the world's largest retailer, and Coughlin's attorney, William Taylor III of Washington, both declined comment.

Wal-Mart this year sued to void Coughlin's multimillion retirement package, saying it had evidence that Coughlin had defrauded the company.

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