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...

By Thomas Francis

March 9, 2010

[
        {
          "name": "GPT - Billboard - Slot Inline - Content - Labeled - No Desktop",
          "component": "16971022",
          "insertPoint": "2",
          "requiredCountToDisplay": "2"
        },{
          "name": "Editor Picks",
          "component": "15769925",
          "insertPoint": "4",
          "requiredCountToDisplay": "1"
        },{
          "name": "Inline Links",
          "component": "16575154",
          "insertPoint": "8th",
          "startingPoint": 8,
          "requiredCountToDisplay": "7",
          "maxInsertions": 25
        },{
          "name": "GPT - Rectangle 2x - Slot Auto-select - Labeled",
          "component": "15782206",
          "insertPoint": "8th",
          "startingPoint": 8,
          "requiredCountToDisplay": "7",
          "maxInsertions": 25
        },{
          "name": "Inline Links",
          "component": "16575154",
          "insertPoint": "8th",
          "startingPoint": 12,
          "requiredCountToDisplay": "11",
          "maxInsertions": 25
        },{
          "name": "GPT - Leaderboard to Tower - Slot Auto-select - Labeled",
          "component": "15782207",
          "insertPoint": "8th",
          "startingPoint": 12,
          "requiredCountToDisplay": "11",
          "maxInsertions": 25
        }
      ]

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.

KEEP NEW TIMES FREE... Since we started New Times, it has been defined as the free, independent voice of South Florida, and we'd like to keep it that way. Your membership allows us to continue offering readers access to our incisive coverage of local news, food, and culture with no paywalls. You can support us by joining as a member for as little as $1.