Le-Nature's Former CEO Seeks to Reduce Plea Deal Sentence
SEP 26, 2011 - 9:45 am
The Pittsburgh Post-Gazette reports that former Le-Nature’s CEO Gregory J. Podlucky has asked the court for a prison sentence shorter than that negotiated as part of his June 20 guilty plea.
According to the report, Podlucky is arguing that the mail fraud, money laundering and tax evasion to which he pleaded guilty resulted in a loss to investors and lenders of $238,687,084 — less than the $668 million alleged by prosecutors.
As previously posted on monitordaily, the Le-Nature’s scheme siphoned hundreds of millions of dollars from several financial institutions and it completed, with Wachovia Bank as lead lender, a financing package including a $20 million revolving credit agreement and a $265 million term loan.
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