Illinois couple guilty of $41M Best Buy fraud
Lawyer News
A federal jury has found an Illinois couple guilty of defrauding Best Buy out of $41 million by over-billing the Richfield-based company for computer parts.
Russell Adam Cole, 50, and Abby Rae Cole, 53, of Deerfield, Ill., were found guilty Thursday of mail fraud, wire fraud, conspiracy, tax evasion and conspiracy to commit money laundering in connection with the scheme.
The IRS led the investigation into the case.
According to prosecutors, Best Buy created a repair service on products in the early 2000s and solicited vendors to submit bids on certain parts they wanted to supply for the repair service.
The Coles owned and operated a computer parts distribution company called the Chip Factory, Inc. For about four years ending in August 2007, Best Buy accounted for most of Chip Factory's sales.
But court records showed that the Coles made Chip Factory quote fraudulently low prices in Best Buy's auction system to obtain computer repair parts. After winning bids, the Coles billed Best Buy prices that were higher than the ones quoted in the bidding process.
Over time, prosecutors said the Coles billed Best Buy for more than $41 million than had been agreed to in the bidding process.
A former Best Buy employee, 39-year-old Robert Paul Bossany of Prior Lake, helped carry out the scheme. Bossany pleaded guilty in January 2009 to accepting bribes from Chip Factory and conspiring to defraud Best Buy while working as Best Buy's primary contact with Chip Factory.
Related listings
-
Chicago lawyer found guilty in tax shelter scheme
Lawyer News 06/04/2010A Chicago lawyer was found guilty Wednesday of conspiracy to commit tax fraud in connection with the sale of tax shelters.A New York jury also convicted John Ohle III, 42, of two counts of tax evasion for failing to report about $6.5 million in incom...
-
High court to hear Arizona school case
Lawyer News 05/25/2010The U.S. Supreme Court will consider ending a lawsuit that challenges Arizona's tax breaks for donations for thousands of private school scholarships.The Washington-based court on Monday said it will hear two appeals filed by the state and supporters...
-
Las Vegas Tax Law Firm
Lawyer News 05/10/2010Bryan A. Lowe & Associates - Las Vegas Tax Law Founded in 1982, Bryan A Lowe & Associates is a law firm based in Las Vegas, Nevada. The firm provides a wide range of services, primarily in the areas of estate planning, probate, bankruptcy, ge...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.