Creditor Hall of Shame
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|Wed, 02-01-2006 - 3:13pm|
I was going through my records about creditors and ran across this. Sears is my #1 Entry into the Creditor Hall of Shame. Read on and check out the links.
In 1999 Sears was sued, pleaded guilty in federal district court to one count of bankruptcy fraud and was fined $60 million. http://www.searsarchives.com/history/annual_reports/1998/notes3.htm Talk about ouch - one count of bankruptcy fraud cost Sears $60 Million.
There have been subsequent law suits and settlements involving Sears.
By the way, Sears also holds the distinction of being charged and found guilty of the largest bankruptcy fraud in the history of the United States. That ruling came on the heels of Sears having paid over $180 million in restitution and $40 million in civil fines to state attorneys general, in connection with civil settlements in the case. Here is the link to the United States Department of Justice bankruptcy fraud website. Scroll down to Massachusetts. http://www.usdoj.gov/ust/cases/bkcrime99.htm
Sort of makes one view creditors a bit differently huh?