Don Ruttenberg, former EVP of Just for Feet and son of the retailers founder, entered his guilty plea Thursday on charges of conspiracy to commit securities fraud, wire fraud, and submitting and making false statements to the retailers auditors. Seven Davis, the former advertising director for the retailer, also entered his guilty plea on Thursday based on charges he made false statements to FBI agents.
Ruttenberg could reportedly receive up to 15 years in federal prison and be ordered to pay up to $1.25 million in fines for his actions. Davis could receive up to five years in prison and pay a fine of $250,000.
To date, one vendor executive has been sentenced in the case. Tim McCool, apparel sales director for adidas, was sentenced last year to eight months, four of which are to be served in jail. He is expected to report to a federal facility in Oregon in the next two weeks.
