52-year-old Brandon T. Owen was sentenced to 30 months in prison, followed by three years of supervised release. Owens was the owner and president of an oilfield consulting business based in Bossier City. He pleaded guilty in October after it was discovered that he defrauded a distribution trust of more than $1.1 million, which he used for personal expenses to pay off gambling debts.
“In January 2021, as part of the company’s bankruptcy plan of reorganization, a Distribution Trust was established to pay back creditors, and Owen executed a Distribution Trust Agreement in his role as president of the company. According to this plan, if Owen received any additional compensation from the company, he was required to pay 30% of that directly to the Distribution Trust,” stated the U.S. Attorney.
According to the United States Attorney, Owen defrauded the distribution trust by intercepting checks before they were deposited into the company’s working accounts. As part of his scheme, he is said to have deposited a total of $3.8 million in employee retention credit (ERC) funds for himself as additional compensation.
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