MILWAUKEE (AP) — The former CEO of the nation’s largest coupon clearinghouse has been sentenced to 10 years in prison and more than $65 million in restitution on wire fraud and conspiracy charges.
Sixty-three-year-old Thomas Balsiger of El Paso, Texas, was CEO of International Outsourcing Services. He was convicted in December following a monthlong trial and was sentenced earlier this week in Milwaukee.
Balsiger was among nearly a dozen people who were indicted. Court documents alleged International Outsourcing executives systematically defrauded stores and manufacturers across the country by cashing millions of coupons that weren’t used. Most defendants reached plea agreements.
Balsiger argued investigators didn’t understand the coupon business and alleged prosecutor misconduct.