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Former Vann’s executive Paul Nisbet pleads guilty in fraud case

June 1, 2016 /

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Acknowledging that he caused a total loss of $906,300 – including $122,250 derived from a wire fraud conspiracy – the former chief financial officer of Vann’s, Inc. has reached a plea agreement with federal prosecutors who allege that he helped the company’s chief executive defraud the now-defunct electronics and appliance chain and its employees, leading it into bankruptcy.

Paul Nisbet’s plea agreement was filed in U.S. District Court for the District of Montana, Missoula Division on May 24. In it, he agrees to plead guilty to one count of conspiracy, an offense that carries a maximum punishment of five years imprisonment, a $250,000 fine, three years supervised release and mandatory restitution. Nisbet has agreed to pay the $122,250 in restitution.

Prosecutors said they would not recommend prison time, but the judge is not bound by their recommendation.

DAVID ERICKSON [email protected]

Full Story: http://missoulian.com/news/local/former-vann-s-executive-reaches-plea-agreement-in-fraud-case/article_ef7d341a-25d4-594c-957c-a3c89dd6cd46.html

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