A former chief executive of a large steel pipe manufacturer has been accused by the Department of Justice (DOJ) of defrauding more than $66 million from a bank and investors.

Derek Wachob, who led an unnamed, successful steel pipe manufacturing company, allegedly told potential investors between October 2022 and August 2024 that there was a great business opportunity for them that involved future steel purchases.

Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...