PITTSBURGH (Oct. 21, 1:30 p.m. ET) — A judge Oct. 20 sentenced the former CEO of soft drink maker Le-Nature's Inc. to 20 years in prison for fraud.
U.S. District Judge Alan Bloch determined that Gregory Podlucky, 51, defrauded investors, vendors and lenders out of $684 million.
The case is so complicated the judge said he'd have to rule later on how much restitution he'll order; Podlucky is expected to repay only a fraction of the losses.
A weeping Podlucky told Bloch, “I am nothing but a filthy rag; the things that I did are abominable,” the Associated Press reported.
Le-Nature's, which had new blow molding machines and PET preform injection presses, went bankrupt in 2006, idling 240 workers. An investigation found that although the company reported 2005 sales of $275 million, the actual figure was closer to $32 million.
Podlucky was caught selling rare jewels he bought with the stolen money at Sotheby's auctions in 2009 and 2010.
Podlucky's wife, Karla Podlucky, 49, and their son, G. Jesse Podlucky, 30, were scheduled for trial in late October on charges they helped launder some of the stolen money.