Case dropped against former MasterChef star turned mining CEO accused of stealing $7m

Former MasterChef contestant and mining CEO Aaron Thomas will no longer face court over allegations he stole more than $US7 million from the iron ore company he founded.

The 26-year-old allegedly used company money to bankroll a lavish lifestyle that included purchasing luxury cars, Tiffany jewellery and exotic holidays.

Thomas formed the London-based Oakmont Resources in 2010, but was fired from the top job in January after board members learned of his dodgy spending.

However the Manhattan Supreme Court has ruled the case "discontinued with prejudice”, meaning it has been dropped and will not be filed again.

Lawyers told the parties had reached a confidential agreement.

It is believed this involved Thomas selling his 25 per cent stake in the company. 

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