Bealko, a former General Motors Corp. aluminum trader who was
imprisoned after admitting taking part in a multimillion-dollar
kickback scheme, is scheduled to be released from federal
custody July 14.
Bealko, once an
influential figure in the aluminum industry, is currently
living at a halfway house in Texas, according to the Federal
Bureau of Prisons website. He will be under supervised release
for three years after leaving federal custody.
commodity manager for lightweight metals at GM from 1996 to
December 2003, pleaded guilty in U.S. District Court in Chicago
in March 2010 to fraud and tax evasion. He was sentenced to 70
months in prison and ordered to pay $6.5 million in restitution
amm.com, March 17, 2010). In addition, he was
banned from trading by the Commodity Futures Trading Commission
amm.com, Sept. 20, 2010).
attorney, Douglas C. McNabb of Houston law firm McNabb
Associates P.C., told AMM June 11 that Bealko likely
is being released next month because of deductions for good
behavior and credit for time served in both Lichtenstein and in
the United States as "we were going through the whole process
of getting the matter resolved."
Bealko, who surfaced
in Lichtenstein after missing an arraignment hearing in
Illinois, was imprisoned in the European principality as he
fought U.S. efforts to extradite him (
amm.com, Aug. 12, 2009).
Bealko was moved to
federal prison in Bastrop, Texas, after sentencing, McNabb
Formerly of Clarkston,
Mich., Bealko was charged with diverting sales from GMs
aluminum stockpile to Fuci-Metals USA Inc., a company owned by
Anthony Demetrius Brown of Highland Park, Ill., in return for
bribes. The Federal Bureau of Investigation began investigating
in 2006 following a complaint from the automaker.
Brown, a co-defendant
in the criminal case, was sentenced to 30 months in prison and
ordered to pay $6.5 million in restitution (
amm.com, March 25, 2010).