CEO Faces Securities Fraud Charges in Colbert County - FOX 54 WZDX – Huntsville News, Weather and Sports

CEO Faces Securities Fraud Charges in Colbert County

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COLBERT COUNTY, Ala. (WZDX) -- A Canadian man is now facing 10 counts of securities fraud in Alabama.

Gregory Aziz was detained in Chicago on Wednesday. The arrest comes after a Colbert County grand jury issued the indictment.

The indictment says between 2006 and 2009, Aziz used a scheme to defraud the Retirement Systems of Alabama (RSA) by supplying fraudulent financial information and making false statements.

Court documents shows Aziz fraudulently entered into an agreement with RSA to construct a railcar manufacturing facility in Colbert County. The documents also reveal that Aziz told RSA that the cost was significantly lower than requested.

Documents also show that Aziz spent most of the loan and then told RSA that costs were overrun and would be unable to build the facility.

Construction of the facility began in 2007 and was expected to bring 1,800 jobs to the area. The plant is now owned by Navistar.

"Greg Aziz, his family and attorneys are reviewing the claims, which they just recently received. Mr. Aziz will cooperate and is hopeful that these matters can be resolved," said Attorney Joe Espy in a statement.

If convicted, Aziz could face 10 years in prison.

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