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FORT SMITH, Arkansas (Reuters) - Tom Coughlin, the former Wal-Mart Stores (NYSE:WMT - news) vice chairman who admitted to stealing thousands of dollars from the company, was sentenced on Friday to 27 months of home confinement.
Coughlin, who joined Wal-Mart in 1978 and worked closely with legendary founder Sam Walton, had faced up to 28 years in prison and $1.35 million in fines after he pleaded guilty in January to wire fraud and tax evasion.
"There is no excuse for my conduct," Coughlin said at the hearing in U.S. District Court in Fort Smith, Arkansas. "I feel compelled to apologize to my extended Wal-Mart family."
Coughlin said he would spend the rest of his life trying to undo the damage he had caused.
His doctor, Joel Carver, had testified earlier on Friday that the 57-year-old was too "fragile" for prison, suffering from diabetes, cardiac disease, sleep apnea, arterial blockage, and other ailments. Coughlin was treated for arterial blockage in 2003.
Prosecutors countered that prisons had good medical facilities to care for him, but Judge Robert Dawson decided on home confinement, five years of probation, and restitution of about $411,000. Roughly three quarters of that sum will go to Wal-Mart, and the remainder to the
Internal Revenue Service.
Wal-Mart said it was pleased that the sentencing was completed, and noted that investigators had found no wrongdoing on the part of the company.
"Our company's actions throughout this process have been consistent with our core values and the principle that all (employees) are held accountable to the same standard, regardless of their position," the retailer said in a statement.
Wal-Mart had accused Coughlin of misappropriating as much as $500,000 through misuse of gift cards and bogus invoices, and said he used the money to buy an odd assortment of items including customized dog kennels and a Celine Dion CD.
Coughlin pleaded guilty to a smaller sum that included $6,500 for his share of a private hunting lease, $2,695 for upgrades to his 1999 Ford truck, and a $200 Sam's Club gift card that he used to buy a cooler, two cases of Miller Light beer and other items.
Judge Dawson recommended that Coughlin begin his home confinement within 60 days, and pay the restitution within 30 days.
Coughlin retired from Wal-Mart in January 2005, but remained on the board of directors until his resignation two months later following an internal investigation into the improper use of gift cards and expenses.
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__________________
In politics, nothing happens by accident. If it happens, you can bet it was planned that way.
Franklin D. Roosevelt
"Those who can make you believe absurdities can make you commit atrocities." --Voltaire
I was thinking about that Tom when I read it. If it was that Tom he would have got caught trying to steal a Jr. Football for Eli Manning thinking it would help the Giants this year....
FORT SMITH, Arkansas (Reuters) - Tom Coughlin, the former Wal-Mart Stores (NYSE:WMT - news) vice chairman who admitted to stealing thousands of dollars from the company, was sentenced on Friday to 27 months of home confinement.
Coughlin, who joined Wal-Mart in 1978 and worked closely with legendary founder Sam Walton, had faced up to 28 years in prison and $1.35 million in fines after he pleaded guilty in January to wire fraud and tax evasion.
"There is no excuse for my conduct," Coughlin said at the hearing in U.S. District Court in Fort Smith, Arkansas. "I feel compelled to apologize to my extended Wal-Mart family."
Coughlin said he would spend the rest of his life trying to undo the damage he had caused.
His doctor, Joel Carver, had testified earlier on Friday that the 57-year-old was too "fragile" for prison, suffering from diabetes, cardiac disease, sleep apnea, arterial blockage, and other ailments. Coughlin was treated for arterial blockage in 2003.
Prosecutors countered that prisons had good medical facilities to care for him, but Judge Robert Dawson decided on home confinement, five years of probation, and restitution of about $411,000. Roughly three quarters of that sum will go to Wal-Mart, and the remainder to the
Internal Revenue Service.
Wal-Mart said it was pleased that the sentencing was completed, and noted that investigators had found no wrongdoing on the part of the company.
"Our company's actions throughout this process have been consistent with our core values and the principle that all (employees) are held accountable to the same standard, regardless of their position," the retailer said in a statement.
Wal-Mart had accused Coughlin of misappropriating as much as $500,000 through misuse of gift cards and bogus invoices, and said he used the money to buy an odd assortment of items including customized dog kennels and a Celine Dion CD.
Coughlin pleaded guilty to a smaller sum that included $6,500 for his share of a private hunting lease, $2,695 for upgrades to his 1999 Ford truck, and a $200 Sam's Club gift card that he used to buy a cooler, two cases of Miller Light beer and other items.
Judge Dawson recommended that Coughlin begin his home confinement within 60 days, and pay the restitution within 30 days.
Coughlin retired from Wal-Mart in January 2005, but remained on the board of directors until his resignation two months later following an internal investigation into the improper use of gift cards and expenses.
Wait a minute, so he was facing 1.35 million in fines, and he ended up sentenced to pay about a quarter of that. He was facing 28 years of federal "pound me in the ass" prison" and he gets a year of house arrest?
There are people who are caught with $100 worth of pot who get harder sentences than that. There are people who steal a t.v. set from a pawn shop who have to go to prison for a full year at least. I don't really care one way or the other about this guy but seriously, why are we so hard on drug dealers and petty thiefs when this guy gets house arrest?
Wait a minute, so he was facing 1.35 million in fines, and he ended up sentenced to pay about a quarter of that. He was facing 28 years of federal "pound me in the ass" prison" and he gets a year of house arrest?
There are people who are caught with $100 worth of pot who get harder sentences than that. There are people who steal a t.v. set from a pawn shop who have to go to prison for a full year at least. I don't really care one way or the other about this guy but seriously, why are we so hard on drug dealers and petty thiefs when this guy gets house arrest?
You know NFL players / coaches get special treatment.
__________________
In politics, nothing happens by accident. If it happens, you can bet it was planned that way.
Franklin D. Roosevelt
"Those who can make you believe absurdities can make you commit atrocities." --Voltaire
America does have the best justice that money/fame can buy.
I still want to punch those Enron guys - my mom and dad lost 1/4 of their retirement money to those scumbags.
Helps to be Dubya's friend...
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