Case against 26-year old mining CEO accused of stealing $7m to fund luxury lifestyle dropped

Aaron Thomas, the 26-year-old former mining CEO accused of using $7 million from the company’s coffers to fund a lavish lifestyle, has had the allegations dismissed, his attorney told MINING.com.

Thomas, who was fired this year from the company he founded in 2010, was accused by the remaining shareholders of embezzling money buy luxury cars, private jets, exotic vacations and $20,000 breast implants for his Brazilian fiancée, among other extravagant expenses.

The complaint by London-based iron ore miner Oakmont has been"discontinued with prejudice,” ruled the Manhattan Supreme Court. The legal term means the case has been dropped and that an undertaking is given it will never be re-filed.

According to Thomas' lawyers, the parties reached a confidential agreement in which the mining company agreed to withdraw all allegations against its former chief.

“[My client] is now looking toward the future and hopes to never again have to stand by and watch a Company with positive outlooks, leadership in the sector, and large growth potential be destroyed through pernicious company infighting, baseless allegations, and wasteful litigation,” they said in an e-mail statement.

In practical terms, the settlement means that the 25% stake Thomas owned in the firm has been sold back to Oakmont for an undisclosed sum.