The Council Bluffs Police Department is investigating the alleged embezzlement of more than $100,000 from Alter Trading Corp.
From Jan. 1, 2012, through Wednesday, an Alter employee allegedly issued unauthorized checks totaling $102,436 to family members, according to Sgt. David Dawson with the Council Bluffs police. It’s unclear what the money was used for.
Alter, located at 2603 Ninth Ave., recycles and trades scrap metal. Dawson said a male suspect has been identified and an arrest is likely to occur soon.
“We’re still following up to see what else might be involved in this,” Dawson said.
The suspect, if arrested, would face charges of first-degree theft, a Class C felony that carries a maximum 10 years in prison.