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Man pleads guilty in Va. in scrap metal scheme

Sunday - 4/14/2013, 1:50pm  ET

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 (http://bit.ly/XAvJHU ) 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.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


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