The former CEO of soft drink maker Le-Nature's Inc. was sentenced 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. He sentenced Podlucky on Oct. 20 in Pittsburgh.
The judge ordered restitution of about $661 million, though Podlucky is expected to repay only a fraction of that.
A weeping Podlucky told Bloch, “I am nothing but a filthy rag; the things that I did are abominable,” the Associated Press reported.
Latrobe, Pa.-based 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, 50, and their son, G. Jesse Podlucky, 30, were found guilty Nov. 29 of laundering some of the stolen money. Sentencing is set for April 26, 2012.