Ex-CFO of Novi-Based Pharma Company Pleads Guilty to $18M Bank Fraud, Faces Up to 30 Years

A former pharmaceutical executive from Northville has pleaded guilty to bank fraud charges related to falsifying financial documentation to secure loans, according to federal authorities. Theodore Toloff, 65, admitted to the scheme while serving as the CFO of the now-defunct Frank W. Kerr Company, a Novi-based pharmaceutical wholesaler. Toloff confessed…

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