A former executive for a Birmingham-area scrap metal brokerage company has been accused of embezzling $11.2 million from the company and using the funds to live a lavish lifestyle.
Acting U.S. Attorney Robert O. Posey said in a news release that 69-year-old Thomas L. Hinson was charged Jan. 30 with five counts of wire fraud.
Hinson is the former chief financial officer for Strickland Trading Inc. in Shelby County. He is accused of stealing hundreds of checks from the company and using it to pay personal expenses and buy real estate and automobiles.
Investigators say Hinson has agreed to plead guilty to the fraud charges and pay $11.2 million in restitution. Hinson will also forfeit his interest in properties in Huntsville; Birmingham; Virginia Beach, Virginia; Lutz, Florida; and Sevierville, Tennessee.
Topics Alabama
Was this article valuable?
Here are more articles you may enjoy.
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Florida-Based Safepoint Withdraws IPO Just as it Was Expected to Launch 
Intersecting Risks and the Future of Construction Insurance 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
