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Former CEO of U.S. Bulletproof Vest Maker Arrested
Published : 15-01-2008 - Duration : 01:47 - View : 5
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The former CEO of a bulletproof vest-making company for U.S. soldiers was arrested on accounting fraud, tax fraud and insider trading, law enforcement officials said.
David H. Brooks, the former head of DHB industries, was arrested in New York by IRS and FBI agents on charges he illegally made tens of millions by allegedly lying about the financial results of his company.
Federal agents were planning to seize assets as part of the raid including Brooks' Ferrari and armor plated SUV at his Old Westbury home.
Investigators had been looking into whether Brooks took part in an alleged "pump and dump" scheme. Federal prosecutors said Brooks made an estimated $200 million by selling his personal stock holdings just before DHB shares plunged from $20 to about $1 per share.
Brooks made his fortune by reportedly lobbying for an exclusive contract to make and provide bulletproof vests for soldier
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