SHREVEPORT, La. – A Caddo Parish man pleaded guilty Monday in federal court to diverting just over $1.1 million from his company’s bankruptcy trust fund to pay for personal expenses, such as paying off gambling debts.
Brian T. Owen, 52, pleaded guilty to a charge of money laundering, according to a news release Tuesday from the office of U.S. Attorney Brandon Brown.
Owen was charged in September following a state and federal investigation into his illegal activities while serving as president of RWDY, Inc., an oilfield consulting service business headquartered in Bossier City.
The company filed for bankruptcy on June 22, 2020. And in January 2021, as part of the company’s reorganization plans, a trust fund was set up to pay back creditors. Owen oversaw the trust agreement as part of his role as company president. The plan called for him to pay 30% of any additional company compensation to the trust.
In 2021, the company began applying for refundable tax credits that were given to businesses affected during the COVID-19 pandemic. As part of his scheme, Owen intercepted the U.S. Department of Treasury checks and deposited them into an account he set up in the company’s name during its bankruptcy.
Owen deposited $3.8 million into the fund. He did not put 30% into the trust as he agreed to do. Instead, Owen used the money for his own person expenses.
Owen faces a sentence of up to 10 years in prison, three years of supervised release, and a fine of up to $250,000.
The case was investigated 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.
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