WASHINGTON, Aug. 12 (UPI) -- Two former executives for Thyssen Steel Inc. were found guilty in Detroit in a kickback scheme, the Justice Department said Thursday.
Kenneth Graham, former chief executive, and Kyle Dresbach, former vice president, both of Bloomfield Hills, Mich., were convicted of conspiracy to commit mail fraud, file false tax returns that did not report more than $6.5 million in proceeds of the mail fraud and conspiracy to launder more than $6.5 million, as well as money laundering, and filing false income tax returns.
Graham and Dresbach each face maximum sentences totaling 71 years imprisonment and $2.25 million in fines. Sentencing is set for Nov. 19.
The jury heard evidence during a trial that Graham and Dresbach conspired with an attorney and a CPA to cause Thyssen to pay inflated prices for cranes from Ranez Equipment and steel slitting machines from Chicago Slitter.
