Former Foodservice Execs Plead Not Guilty
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Two former executives of a U.S. subsidiary of supermarket giant Royal Ahold pleaded not guilty to conspiring to inflate the company’s earnings.
Former U.S. Foodservice Inc. Chief Financial Officer Michael Resnick and former Chief Marketing Officer Mark Kaiser entered the pleas in Manhattan federal court.
On Tuesday, federal prosecutors accused the pair of working together to inflate the company’s earnings by $800 million from 2000 to 2003 by reporting fake rebates from suppliers.
Another defendant, Peter Marion, a former supplier to U.S. Foodservice, pleaded not guilty to insider trading.
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