Ex-CEO seeks lighter sentence in Le-Nature's fraud

AP News
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Posted: Sep 23, 2011 1:22 PM
Ex-CEO seeks lighter sentence in Le-Nature's fraud

The former chief of a bankrupt drink company who pleaded guilty in a massive fraud wants the assets and settlements from the company's sale counted in his favor in his request for a shorter prison sentence.

The Pittsburgh Post-Gazette reports a court filing Thursday by Gregory Podlucky's attorney says investors and lenders lost recouped much of the money from the liquidation of Le-Nature's Inc.

Podlucky pleaded guilty in June to a fraud scheme a pre-sentencing report estimated cost investors and lenders $668 million. But the Post-Gazette reports ( http://bit.ly/mZf2n9) that Podlucky wants it reduced to $238 million after factoring in bankruptcy settlements and liquidations.

Podlucky also notes the figure could drop further.

The plea deal included a maximum sentence of 20 years in prison.

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Information from: Pittsburgh Post-Gazette, http://www.post-gazette.com