Retail Industry
Industry: Email Alert RSS FeedEx-Kmart exec pays $2m for part in scam
DSN Retailing Today, Jan 10, 2005
NEW YORK -- Former Kmart executive William Mayville, who in November was accused by the company of stealing millions during the bankruptcy liquidation of the company's assets, agreed to post $2 million in escrow. Kmart filed a federal lawsuit claiming that Mayville, former divisional vp for purchasing, conspired with two outsiders to steal money from Kmart by liquidating company equipment and keeping most of the proceeds.
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The company claims Mayville put the scheme in play by hiring Areeva Inc., a company run by Mayville's friends, to liquidate Kmart equipment during bankruptcy restructuring.
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