Former Vann's CEO guilty of more than 170 fraud charges - KULR8.com | News, Weather & Sports in Billings, Montana

Former Vann's CEO guilty of more than 170 fraud charges

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MISSOULA, Mont. (AP) - The former CEO of Vann's Inc. has been found guilty of conspiracy and 172 fraud charges alleging his actions helped drive the electronics and appliance store founded by his father-in-law into bankruptcy.
    
Jurors returned their verdict against George Leslie Manlove on Friday evening after a two-week trial. A forfeiture hearing was set for Saturday in Missoula.
    
Prosecutors alleged Manlove spent company money on personal expenses, including $200,000 to get his master's in business administration, without the approval of the board of directors. The charges also alleged Manlove and former CFO Paul Lyn Nisbet conspired to create holding companies to buy buildings that would house Vann's stores, then leased them to Vann's at above-market rates to pay off the loans and gain ownership of the buildings.
    
Manlove had testified it was "impossible" that he intended to defraud the company.

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