Delray Millionaire Gets Ten Years in Prison for Securities Fraud
Charles McCall's South Florida retirement plans will take a ten-year hiatus now that former pharmaceutical executive has been convicted of securities fraud by a San Francisco court and sentenced to federal prison.
A former chairman of McKesson, the nation's largest distributor of prescription drugs, which is based in San Francisco, the 65-year-old McCall was found guilty of inflating the company's sales and cooking its books, leading to a 47 percent plunge in the stock's value during a single day in April 1999, at a loss of $8.6 billion to shareholders.
Fortunately for McCall, his was a complex case that moved at a glacial pace through California courts. As it did so, McCall enjoyed a leisurely lifestyle in a 9,000-square-foot home on Rhodes Villa Avenue, which borders the Intracoastal Waterway in Delray Beach. Records show McCall purchased the home in 2003 for $3.5 million.
Prosecutors had been hoping for a 15-year sentence.
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