Feb 27, 2007 8:33 AM
Akradi Pleads Guilty to Misdemeanor
EDEN PRAIRIE, MN-Bakram Akradi, CEO of Life Time Fitness, Eden Prairie, MN, pled guilty last week to a misdemeanor assault charge in connection with a February 23, 2006, incident at his daughter’s high school (http://fitnessbusinesspro.com/forprofits/fitness_life_time_fitness_8/index.html).
Akradi was sentenced to 90 days in jail and a $1,000 fine, but he will not have to serve jail time or pay the fine if he stays out of trouble during the next year.
As part of the plea agreement, the prosecutor dropped a felony charge of property damage, and the judge ordered Akradi to attend anger management classes and donate $5,000 in sports equipment to Minneapolis public schools.
Akradi was charged in June 2006 with a felony after police investigated the February incident in which Akradi allegedly cut off a 17-year-old in the parking lot of Minnetonka High School. The teenager honked at Akradi, which allegedly led to Akradi yelling at the student, hitting the teen’s car and opening the door to try to pull the boy from the car.
Akradi has said that the teenager charged at his car in an attempt to scare him. He denies grabbing the teen’s shirt or pulling him from the car.
Just the week prior to the plea, Life Time Fitness announced fourth quarter 2006 and year 2006 financial results in which it said fourth quarter 2006 revenue grew 34.5 percent and full-year revenue grew 31.2 percent. The plea agreement on Feb. 20 had no effect on share prices for the public company. Shares had closed on Feb. 16 at $49.90 and they closed on Feb. 20 at $49.78 (Trading was closed on Feb. 19 due to President’s Day). As of Feb. 23, shares closed at $50.65.
