HAYSI, Va. (WCYB) — Haysi Mayor Larry Yates was arrested Thursday on multiple financial fraud charges, according to Southwest Virginia Regional Jail Authority and Virginia court records.
Records for Dickenson County Circuit Court and jail roster listed charges against Yates, 72, including embellzement of public funds, use of public funds for personal purposes, credit card theft and credit card fraud.
Online records show Yates had a court hearing Monday in Dickenson County.
News 5 has reached out to Virginia State Police and Haysi Police for additional information but has not heard back yet.
A spokesperson for the Town of Haysi provided the following statement about the arrest on behalf of the town:
Today is a difficult and deeply concerning day for our community. We understand that many residents have questions and concerns. First and foremost, we want our residents to know this:…
This type of fraud targets the supply chain and accounts payable departments of businesses.
- Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
- Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.