Gregory Aziz, National Steel Car Corp. CEO indicted for fraud - WAFF-TV: News, Weather and Sports for Huntsville, AL

National Steel Car Corp. CEO indicted for securities fraud

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Aziz was arrested Nov. 12 by officials at the Chicago Midway International Airport during a trip to the United States. Aziz was arrested Nov. 12 by officials at the Chicago Midway International Airport during a trip to the United States.
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COLBERT COUNTY, AL (WAFF) -

Gregory Aziz, CEO of National Steel Car Corporation, has been indicted for securities fraud out of Colbert County.

Aziz, a Canadian national, was arrested on Nov. 12 by officials at the Chicago Midway International Airport during a trip to the United States. He was detained by Chicago police who are in touch with Alabama law enforcement. Aziz waived extradition and will be transported to Alabama.

Aziz's arrest stems from an indictment returned by a Colbert County grand jury charging him with 10 counts of Securities Fraud. According to the indictment, between September 2006 and July 209, Aziz perpetrated a scheme to defraud the Retirement Systems of Alabama by supplying fraudulent financial information and making false statements of material fact and omissions of material fact in connection with a loan and equity transaction between Aziz and the RSA.

"There's been an enormous amount of work done on this case by the securities commission. After they completed their investigation, then they contacted me here at the District Attorney's Office in Colbert County, when they decided this would be the proper venue to try this case," said DA Bryce Graham.

If convicted, Aziz could face a maximum of 10 years in prison and fines, and be ordered to pay restitution to RSA for any loss associated with his actions.

Aziz released the following statement through his attorneys:

"Greg Aziz, his family and attorneys are reviewing the claims, which they just recently received. Mr. Aziz will cooperate and is hopeful that these matters can be resolved."

RSA is the primary lender of WAFF's parent company, Raycom Media.

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