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Ex-GM trader Bealko to be released in July

Keywords: Tags  Daniel Bealko, release, Bureau of Prisons, McNabb Associates, Douglas McNabb, CFTC, General Motors, prison fraud


CHICAGO — Daniel 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.

Bealko, global 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).

Bealko’s former 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 said.

Formerly of Clarkston, Mich., Bealko was charged with diverting sales from GM’s 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).


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