Former Holt Manufacturing Manager Charged with Stealing Over $1 Million in Copper Wire Using False Invoices

WACO, Texas (KWTX) - A former Holt Manufacturing manager is free on bond following his arrest on charges of using fraudulent company invoices to steal over $1 million worth of heavy-duty copper wire.

David Eubanks, 54, of West, posted a $20,000 bond after his arrest earlier this month on a charge of theft exceeding $300,000, a first-degree felony punishable by up to life in prison.

Eubanks declined to answer questions from KWTX on Wednesday, including inquiries about his tenure at Holt and whether he has legal representation.

Calls to Holt’s offices at 2000 Texas Central Parkway in Waco were directed to Megan Lindberg, assistant general counsel for Holt, who did not return phone messages on Wednesday.

According to the arrest affidavit, Eubanks is accused of stealing $1,183,558 worth of 4/0 copper wire by submitting more than 200 questionable invoices.

After Eubanks resigned, Holt management discovered these invoices—some paid and some unpaid—charged to the Holt Group business account at a Waco materials supply company for a large quantity of 4/0 copper wire, as detailed in the arrest documents.

All the disputed orders were placed by Eubanks, identified in the affidavit as a former electrical manager responsible for purchasing materials for electrical projects at Holt.

“After Mr. Eubanks resigned from the company, the invoices were discovered for this specific size wire totaling $1,183,558.99 for the year 2025,” the affidavit states. “The invoices were kept under a certain amount of money, so Mr. Eubanks’ supervisor did not need to sign off or approve them as part of their policy.”

The large quantity of wire could not be found in storage at any Holt properties and was unaccounted for, according to the arrest documents.

“The wire could not be accounted for where it was used or needed on any current projects. Contact was made with the supplier of the wire, and it was confirmed that Mr. Eubanks was ordering and picking up this wire, charging it to the Holt account, in a Holt or personal vehicle. None of the wire was ever returned to the supplier,” the affidavit adds.

No current Holt employees who worked with Eubanks reported seeing or using this amount of wire at the Holt facility where Eubanks claimed it was stored or on any projects they worked on, the documents allege.

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