Verso analyst charged with $8.7M theft

MEMPHIS, Oct. 14 (UPI) -- Authorities have charged a financial analyst for Verso Paper Corp, in Memphis, Tenn., with diverting $8.7 million into his personal bank account.

The company's controller informed authorities Friday that financial analyst Thom Williams had appeared to have taken $1.5 million. Further investigations revealed he had diverted more than $7 million to his bank account between March and July, The Memphis Commercial-Appeal reported Wednesday.

Williams was arrested on charges of wire fraud, a felony. He could face up to 20 years in prison, if convicted.

U.S. Magistrate Judge Tu Pham set a $10,000 bond and confiscated Williams' passport, the newspaper said.

Verso Paper is a publicly-traded company that makes coated paper, employing 3,000 people in Maine, Michigan, Minnesota and Tennessee.