April 14, 2013
RICHMOND, Va. (AP) - A former executive of a ship recycling company faces up to 21 months in prison after pleading guilty to wire fraud.
Federal prosecutors say the charge stems from a scheme in which nearly $200,000 worth of scrap metal was stolen.
The Richmond Times-Dispatch reports that 58-year-old Stephen Michael Dunavant entered his plea Friday in federal court in Richmond. U.S. District Judge Henry Hudson also ordered Dunavant to pay $199,885 in restitution.
Dunavant oversaw the demolition of vessels and the sale of scrap metal while working as a vice president for Modern American Recycling Services Inc.
Prosecutors say he sold some of the metal without the company's knowledge to a recycling business in Richmond and was paid by check or wire.