American Tissue Charged With Fraud
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From Bloomberg News
American Tissue Inc. and four former executives were accused of fraud by federal authorities, who said banks and investors lost almost $300 million in the company’s collapse.
Brendon McDonald, a former auditor for Arthur Andersen, also was charged with obstruction of justice for his alleged role in shredding documents.
Hauppauge, N.Y.-based American Tissue defaulted in August 2001 on more than $144 million in loans and more than $160 million in senior secured notes.
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