Embezzlement hits AIM in Florida

Theft from abandoned buildings and construction sites gets much of the attention, but a recent case in Florida pertains to scrap company employees who engaged in an ongoing theft scheme.

According to an online report by the Miami Herald, the Davie, Florida, location of Montreal-based American Iron & Metal (AIM) was victimized by a group of employees who siphoned off an estimated $3 million worth of mixed, shredded metals.

In the course of a year, according to the media report, which refers to the filed lawsuit, a group of six employees helped steal, haul and sell loads of AIM’s metal to competitor Metals USA, based in Opa-locka, Florida

Five AIM Florida employees have provided testimony about the scheme to AIM and its attorneys, while the other, Samuel Abreu, is reportedly being considered the ring leader who will be prosecuted to the full extent.

Metals USA also has reportedly been named as a defendant for allegedly “knowingly” buying the material at below market prices before selling it to domestic and overseas consumers. That firm’s attorneys are denying Metals USA was aware the material was stolen.

In addition to theft, the scheme involved manipulating scale readings at AIM in Davie to conceal that material had been stolen, according to the report. Much of the theft occurred at night, according to employees who have testified.

While one cooperating employee claims to have profited by some $30,000, Abreu is believed to have siphoned off enough to buy a $225,000 house, several cars, a pickup truck, a boat and a luxury wristwatch.