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Indicted former exec to get out of jail

Jan. 3, 2008 at 2:09 PM   |   Comments

NEW YORK, Jan. 3 (UPI) -- David Brooks, the indicted former chief executive of New York's DHB Industries, hopes to be out on bail shortly.

Brooks, accused of stealing nearly $200 million from the body-armor supplier, had a bail hearing Wednesday, which was expected to set him free temporarily but with stringent terms. It was believed he would be put on home confinement with armed guards and restrictions on his movements.

The indicted executive was thought to be a high flight risk after having moved his family to England and allegedly transferring millions from U.S. banks to overseas accounts, Newsday said.

Brooks, who allegedly used corporate funds to pay for his daughter's $8 million bat mitzvah and his wife's $7,900 facelift, was indicted for securities fraud, obstruction of justice, conspiracy and insider trading. Brooks pleaded not guilty.

DHB, once located in Westbury, has since changed its name to Point Blank Solutions Inc. and moved its offices to Pompano Beach, Fla.

Topics: David Brooks
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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