Federal prosecutors say the former president and chief executive officer of an Alabama steel company has been sentenced to six years in prison for gambling away money during his company’s bankruptcy case.
The U.S. Department of Justice said 51-year-old Kennon Whaley had been convicted by a federal jury of two counts of concealment of bankruptcy assets. Prosecutors say the crimes happened when his company, Montgomery-based Southeastern Stud & Components, was in Chapter 11 bankruptcy proceedings.
Prosecutors say evidence at his trial showed that during the bankruptcy process, Whaley redirected a $260,000 insurance payment intended for the company in 2010 to pay off a personal gambling debt.
They say that in 20…
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