HELENA, Mont. — The former chief financial officer of Vann’s Inc. has reached a plea agreement in a federal case that alleges he helped former CEO George Leslie Manlove defraud the electronics and appliance chain, causing it to file for bankruptcy.
Paul Nisbet’s plea agreement was filed on May 24, but a change-of-plea hearing has not been set.
Nisbet agreed to plead guilty to one count of conspiracy that alleged he and at least one other person conspired to defraud Vann’s of just over $900,000. He also agreed to pay $122,500 in restitution. Prosecutors said they would not recommend prison time, but said the judge is not bound by their recommendation.
Nisbet said he can provide substantial assistance to prosecutors, which could make him eligible for a sentence reduction.
Manlove has pleaded not guilty to more than 200 counts of conspiracy and fraud. His trial is scheduled for October.