Former Tools and Metals President Sentenced to 87 Months in Jail
2006, after pleading guilty to conspiracy to defraud the U.S. government with
false and fraudulent claims.
used in Department of Defense contracts at three plants. The charges began a
downward spiral for the distributor, based in Fort Worth, TX, that culminated in
Chapter 7 bankruptcy in September and a civil suit against Loftis and other
former board members by TMI's new owners, JHW Greentree Capital LP. (Read a