Crime & Safety
Fairfield Owner Of Cigarette Store Chain Sentenced For Bank Fraud
Ned Roscoe, 51, of Fairfield, was given the sentence by U.S. District Judge Ronald Whyte on Wednesday.
The former owner of the now-defunct Cigarettes Cheaper! store chain has been sentenced in federal court in San Jose to five years in prison for a $10.7 million bank fraud.
Ned Roscoe, 51, of Fairfield, was given the sentence by U.S. District Judge Ronald Whyte on Wednesday.
He was convicted in February 2011 after a month-long jury trial on 28 charges of bank fraud and false statements in connection with loans from Comerica Bank.
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In a recent ruling, Whyte determined that the bank's loss amounted to $10.7 million.
At its height, the now-liquidated company, which was based in Benicia, had nearly 800 stores in 40 states and took in $1 billion in annual revenue, according to U.S. Attorney Melinda Haag.
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Roscoe's father, John Roscoe, 82, of Green Valley, who was a co-owner of the company, pleaded guilty in January 2011 to a charge of conspiracy to make false statements to the bank.
He was sentenced by Whyte on Wednesday to 12 months of home detention and five years of probation.
--- Bay City News Service
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