BIRMINHAM, Ala. (AP) – 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 Monday that 69-year-old Thomas L. Hinson was charged Monday 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.