National Steel Car-Indictment
4:28 pm
Fri November 15, 2013

National Steel Car Chairman Indicted In Alabama

An Alabama grand jury has indicted the chairman of National Steel Car on securities fraud charges.
Credit Sean Marshall / Flickr

An Alabama grand jury has indicted the chairman of National Steel Car on securities fraud charges.

The indictment made public Friday accuses Gregory Aziz of Hamilton, Canada, of misleading officials with Alabama's state pension program to get financing for a rail car manufacturing plant that was never finished in northwest Alabama. The 10-count indictment claims Aziz misled officials about how much the plant would cost.

Aziz's attorney, Joe Espy, says they are reviewing the charges and hopeful that they can be resolved.

Alabama Securities Commission Director Joe Borg says Aziz was arrested Tuesday when his private plane landed in Chicago, and he has waived extradition to Alabama. He is scheduled to arrive next week.

The Retirement Systems of Alabama originally agreed to provide nearly $347 million for the project.