Gene Haas, philanthropist and president of Haas Automation, has been arrested in California and charged with conspiracy, filing false tax returns and witness intimidation. The Justice Department claims Haas cost the government nearly $20 million.
Haas is being held without bail because the Justice Department said he could flee the country in his privately-owned airplane.
Haas Automation, a maker of computerized machine tools and the largest machine tool manufacturer in North America, released a statement stating that Haas was not guilty and that the charges "revolve around" John Phillips, the company's former chief financial officer.
Source: American Machinest