A Bay County man has been arrested by Panama City Police after they investigated the theft of at least $40,000 from an area business.
43 year old William E. Smith was jailed on charges of Grand Theft and Operating an Ongoing Scheme to Defraud after employees of Pick and Pull Auto Salvage detected some suspected ongoing thefts.
Smith was an employee who traveled the southeast purchasing scrap vehicles. In the process he arranged for payment for some vehicles which were fictitious and Pick and Pull never received the scrap vehicles after they were paid for.
Panama City Police detectives say the investigation show Smith would cash the checks through a fictitious business.
At least $40,000 was involved, possibly more. Police say more arrests are expected as the probe continues.