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.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Broward / Palm Beach, delivered to your inbox Monday through Friday.