Suppliers Convicted in Best Buy Fraud
The husband-and-wife owners of an Illinois-based supply company have been convicted of bilking Best Buy out of $41 million through an overcharging scheme, the Minneapolis/St. Paul Business Journal reported.
Russell and Abby Cole, who owned the Chip Factory, conspired to overbill the CE giant in auctions for computer parts over a four-year period. The Best Buy employee who assisted them in the conspiracy, Robert Bossany, pled guilty last year and agreed to cooperate with the prosecution.
Russell Cole was convicted of more than 20 separate counts of mail fraud and wire fraud, conspiring to commit both, as well as tax evasion and conspiracy to commit money laundering and to defraud the United States. His wife was found guilty of one count each of conspiracy to commit mail fraud and wire fraud and conspiracy to defraud the United States, as well as four counts of tax evasion.