Brian T. Owen, former president of an oilfield consulting service in Bossier City, Louisiana, has been sentenced for money laundering. The sentencing was announced by Acting United States Attorney Alexander C. Van Hook. United States District Judge S. Maurice Hicks, Jr. imposed a 30-month prison sentence on Owen, along with three years of supervised release and a $100,000 fine. Additionally, Owen has been ordered to pay $1,157,154.39 in restitution.
Owen had pleaded guilty in October 2024 to one count of money laundering related to his activities as the company president. Court documents revealed that the company filed for Chapter 11 bankruptcy in June 2020 in the United States Bankruptcy Court for the Western District of Louisiana.
As part of the company's bankruptcy reorganization plan in January 2021, a Distribution Trust was created to repay creditors. Owen signed a Distribution Trust Agreement requiring him to allocate 30% of any additional compensation from the company directly to this trust.
In 2021, the company sought Employee Retention Credits (ERCs), which are refundable tax credits for businesses affected by the COVID-19 pandemic. Owen devised a scheme to divert funds intended for the Distribution Trust by intercepting U.S. Department of Treasury checks before they reached company accounts. He opened a bank account under the company's name during its bankruptcy proceedings and deposited $3.8 million in ERC funds as personal compensation without informing other senior leaders at the company.
Owen failed to transfer 30% of these funds to the Distribution Trust as agreed and instead used them for personal expenses, including settling gambling debts.
The investigation was conducted by the Internal Revenue Service Criminal Investigation, Federal Bureau of Investigation, and Louisiana State Police and prosecuted by Assistant United States Attorney Seth D. Reeg.
