Former CEO of steel pipe maker indicted for allegedly defrauding investors of $66M
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.
Instead of using the funds in that way, Wachob allegedly spent the money on items for himself, including vacation homes, helicopters, private jets and yachts, according to the indictment, filed in U.S. District Court for the Northern District of Oklahoma.
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