Securities: Ex-US Foodservice Executive Jailed for Securities Fraud

Mark Kaiser, the former chief marketing officer of U.S. Foodservice, was sentenced to ten years in jail for securities fraud. U.S. Food overstated its earnings by more than $1 billion because of the fraud that was going on. U.S. Foodservice is one of the largest distributors of food products in the United States.

One federal prosecutor said that Kaiser's actions demonstrated "an astonishing degree of corruption at the highest levels of corporate America." The judge who presided over the case said that Kaiser "had a leadership role and he got other people into trouble." U.S. Foodservice is a subsidiary of Royal Ahold.