Former Wal-Mart vice chair guilty of fraud

A former top-ranking executive at Wal-Mart Stores Inc. pleaded guilty to fraud and tax charges Tuesday.

Tom Coughlin, 57, faces a maximum of 28 years in prison after pleading guilty to five counts of wire fraud and one count of filing a false tax return. He also could be fined $1.35 million.

Wal-Mart lawyers had referred Coughlin, a former vice chairman of the company, to federal prosecutors after discovering that he had embezzled money from the company. They estimated losses at up to $500,000.