An oilfield consultant from Bossier City now faces serious legal repercussions because he participated in a $3.8 million fraud and money laundering scheme.
At a Glance
- Brian T. Owen, involved in fraudulent activities, pleaded guilty to a money laundering charge.
- The funds exploited through the scheme were meant to aid business recovery during the pandemic.
- His deception involved evading bankruptcy payment requirements, resulting in defrauding over $1.1 million.
- Owen faces potential imprisonment for up to 10 years for his criminal acts.
Owen’s Fraudulent Scheme
Brian T. Owen, a 52-year-old oilfield consultant from Caddo Parish, Louisiana, recently admitted to engaging in a large money laundering and fraud scheme. Prosecutors charged him later with one count of money laundering on September 30, 2024, an admission that carries substantial legal consequences. Owen’s role as the president of an oilfield consulting company in Bossier City furnished him with the opportunity to manipulate financial proceedings to his advantage.
The company had filed for Chapter 11 bankruptcy as of June 2020, owing creditors significant sums. To compensate these creditors, a Distribution Trust was set up in January 2021. Under the terms of the bankruptcy reorganization, Owen needed to remit 30% of any additional compensation to this trust. Yet, he schemed to defraud it, intercepting U.S. Department of Treasury checks intended for the company and using these funds for personal expenses instead.
Legal Ethical Breaches
Owen opened a bank account in the company’s name during the bankruptcy procedure to collect $3.8 million from Employee Retention Credits. Rather than comply with legal and ethical obligations, he applied these funds for personal expenses, including settling gambling debts. Defrauding the Distribution Trust of more than $1.1 million marked a severe breach of trust and fiduciary duties.
His fraudulent actions, once uncovered, subjected him to a possible 10-year prison sentence, along with a $250,000 fine and up to three years of supervised release. United States Attorney Brandon B. Brown announced the case, underlining the legal system’s determination to challenge fraudulent behavior rigorously.
Investigative and Prosecution Efforts
Investigations conducted by the IRS Criminal Investigation, the FBI, and the Louisiana State Police highlighted Owen’s wrongdoing. United States District Judge S. Maurice Hicks, Jr. presided over the matter, while Assistant United States Attorney Seth D. Reeg pursued the prosecution. Owen’s guilty plea is anticipated to set an example and demonstrate the judiciary’s stringent stance against money laundering and fraud.
Owen’s fraudulent conduct clearly disrupted ethical standards and legal processes. Ultimately, such actions harm businesses, the economy, and the community extensively. Upholding trust in financial dealings remains imperative to effectively protect shareholder and public interests.
Sources:
- Business Owner Pleads Guilty to Money Laundering Charge
- Northwest Louisiana businessman pleads guilty to money laundering
