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Rite-Aid’s Former Top Lawyer Settles With SEC

Law360 (October 5, 2005, 12:00 AM EDT) -- The Securities and Exchange Commission settled its accounting fraud case against Rite Aid Corporation’s former chief legal officer Franklin C. Brown, restricting his future employment opportunities and waiving monetary damages due to his dire financial straights.

The SEC filed the charges against Brown, as well as two other former senior executives of the nationwide drug store chain, in June 2002 in U.S. District Court for the Middle District of Pennsylvania. The charges stemmed from the Pennsylvania-based company’s $2.3 billion income restatement in 2000, the largest in...
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