MONTGOMERY, Ala. (AP) — The former chief executive of a company that planned to build railroad cars in north Alabama will pay $21 million to the Retirement Systems of Alabama as part of a deal settling 11 counts of securities fraud. TheTimesDaily reports that Greg Aziz also will reimburse about $1 million to state and local agencies for investigative costs. The charges against him will be dropped. Aziz was accused of organizing a scheme to defraud the pension system of $350 million by supplying false information during a funding deal. The system was supposed to loan money to build the National Steel Car Limited plant employing 2,200 people. Workforce at the plant in Colbert County never reached 200. Pension system CEO David Bronner says the settlement will allow everyone to move on.
Alabama Businessman Settles Securities Fraud Case
