Cigarettes Cheaper! ex-owner convicted in bank fraud scheme - San Jose Mercury News: "Ned Roscoe, a former owner and officer of Cigarettes
Cheaper! was convicted Wednesday in federal court in San Jose of multiple counts of bank fraud.Roscoe, 51, was found guilty of one count of conspiracy to commit bank fraud and make false statements, 13 counts of bank fraud and 14 counts of making false statements to a bank, according to a story first reported by the Napa Register.
The fraud occurred while Roscoe ran the 800-store national discount chain with headquarters in Benicia, generating $1 billion in annual revenue, the U.S. Department of Justice said in a news release.
The jury agreed that Roscoe had submitted knowingly inflated inventory valuations to Comerica Bank in order to keep his cigarette business afloat during financial stresses. A federal grand jury indicted him and his father, 81-year-old John Roscoe, in 2007 and reindicted on revised charges in September.
John Roscoe pleaded guilty in January to conspiracy to make false statements to a bank."
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