Expand / Collapse search
Watch TV
Menu

This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

U.S.
Published

Ex-Rite Aid exec released after re-sentencing

Associated Press

HARRISBURG, Pa. – A former Rite Aid Corp. executive has been freed following a resentencing hearing in an accounting scandal that saw him spend nearly six years in prison.

The Patriot-News of Harrisburg reports a federal judge on Tuesday sentenced 83-year-old former vice chairman Franklin Brown to time-served and ordered him released from federal custody.

Brown was initially sentenced to 10 years in prison for taking part in a $1.6 billion accounting scandal that severely hurt Rite Aid's stock. An appeals court in May overturned his sentence.

Brown will remain on probation for a year. He declined comment to The Patriot-News (http://bit.ly/nrpjxp ) following his hearing.

The scandal cost Rite Aid an estimated $18 million.

___

Information from: The Patriot-News, http://www.pennlive.com/patriotnews