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When investigators discovered that Williams' personal checking account had swollen to almost $2.2 million, they looked further and found the account had an even richer history this year.
Between March and July, more than $7 million was transferred from Verso Paper into Williams' checking account, according to court records.
In all, authorities say Williams diverted $8,709,792.03 from the company to his checking account, a joint account that includes his wife. She is not charged with a crime.
Williams, 41, a financial analyst for Verso, was arrested on a warrant and made a first appearance in court Tuesday afternoon.
He wore handcuffs and waist chains as he sat between a pair of carjacking defendants and listened to U.S. Magistrate Judge Tu Pham explain the conditions of his release.
U.S. Atty. Dan Newsom said Williams is charged with wire fraud, a felony that carries up to 20 years in prison and a $250,000 fine.
Pham set a $10,000 bond, took possession of Williams' passport and restricted his travel to the Western District of Tennessee and the Northern District of Mississippi.
Williams, who lives in Hernando, has a probable cause hearing set for Oct. 23.
"Verso will continue to work with federal authorities on this matter," said company spokeswoman Sondra Dowdell on Tuesday evening. She declined further comment.
Verso is a paper company near Riverdale and Quince that produces coated paper for magazines, catalogs, annual reports and direct-mail advertising. The company, founded in August 2006, employs about 3,000 people at four mills in Maine, Michigan and Minnesota. It went public in mid-2008.
In its report of second quarter results for 2009, Verso noted that, "The economic downturn has presented a significant challenge for manufacturers of coated paper." Net sales decreased to $298.1 million in 2009 compared to $451.6 million for the same period in 2008.
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