WHAT HEELS: Vendors Fleece Best Buy
Russell and Abby Cole, who owned and operated a company that sold computer repair parts to Best Buy, were convicted on 26 charges stemming from a scheme to overbill the retailer $41.6 million and to conceal the fraudulent income so as to avoid paying taxes on the money, reports the Star Tribue (Minneapolis-St. Paul):
[The Coles] systematically overbilled the Richfield-based retailer from June 2003 to August 2007 by manipulating an online auction program. Their company, Chip Factory, paid cash and gifts to former Best Buy insider Robert Bossany to conceal the fraud, the jury found. ...
The IRS estimated the Coles owed $3.3 million in federal income taxes from 2004 to 2007.
Comments