LAFAYETTE, La. - Acting U.S. Attorney Alexander C. Van Hook announced today that a federal jury found a former bookkeeper for a Sulphur oil field company guilty of stealing more than $4 million while working there.
Elizabeth Istre, 51, of Sulphur, La., was found guilty of three counts of wire fraud. After the conclusion of the four-day trial, the jury deliberated for approximately one hour before delivering the guilty verdict before U.S. District Judge Donald E. Walter who presided over the trial. According to the evidence presented, Istre worked as a bookkeeper for a family-owned petroleum company in Sulphur, La. From 2004 through January of 2014, Istre issued fraudulent checks payable to herself and her husband from the company’s corporate bank account. During that time, she issued more than 800 checks totaling more than $4 million and used the money for personal expenses.
Istre began writing fraudulent checks payable to herself not long after being hired in 2004. She started writing the checks in small amounts but then increased the amount. By 2011, she was writing fraudulent checks for half a million dollars a year. She was the only person to use the business’ software, and she provided the financial statements directly to the company’s accountant. Because of fluctuations in the oil and gas industry, Istre was able to conceal the stolen funds. She bought several vehicles, took numerous trips, paid bills, bought property, paid family members’ expenses, withdrew cash and made other transactions with the stolen funds.
Istre faces up to 20 years in prison, five years of supervised release, restitution and a $250,000 fine for each count. Istre was detained pending sentencing. The court did not set a sentencing date.
The U.S. Secret Service investigated the case. Assistant U.S. Attorneys Kelly P. Uebinger and Dominic A. Rossetti are prosecuting the case.
Source: U.S. Department of Justice, Office of the United States Attorneys
