The first criminal charges relating to the Ahold accounting scandals are expected to be filed this week.
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Three former executives at Ahold’s U.S. Foodservice are expected to charged with conspiracy to commit securities fraud, which cost investors US$6bn, the Wall Street Journal said, citing sources familiar with the situation.
The $6bn figure represents the decline in Ahold’s market value after the accounting problems became apparent, the newspaper said. U.S. Foodservice last year said its executives had inflated supplier rebates, resulting in an $880 million earnings overstatement.
The three executives are former chief financial officer Michael Resnick, former vice president William Carter and former marketing manager Mark Kaiser, the Journal said, citing the people familiar with the situation.
A former U.S. Foodservice purchasing executive, Timothy Lee, pleaded guilty last Friday to insider trading and securities fraud charges, the newspaper said, citing sources.
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