Aeropostale Jury: Finazzo must forfeit $25-plus million

New York -- A Monday report by Bloomberg said that ex-Aeropostale executive Christopher Finazzo – convicted last week on 14 counts of  fraud against the retailer – has been order to forfeit more than $25 million.

Jurors unanimously found that Finazzo must turn over $25.79 million in cash, interest in four Calverton, N.Y., properties and as much as $300,000 from a trading account, according to the Bloomberg report, which cited a statement by Robert Nardoza, spokesman for Brooklyn U.S. Attorney Loretta Lynch.
 
The former Aeropostale merchandising executive steered $350 million worth of business to a supplier controlled by a friend; the retailer overpaid for the merchandise and Finazzo and the friend, Douglas Dey, shared the revenue.  Finazzo faces a maximum sentence of 20 years in prison on each of the fraud counts.

 

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