Brian T. Owen, former president of a local oilfield consulting service in Bossier City, Louisiana, has been sentenced to 30 months in prison for money laundering. The sentence was handed down by United States District Judge S. Maurice Hicks, Jr., and includes three years of supervised release, a $100,000 fine, and restitution amounting to $1,157,154.39.
Owen pleaded guilty in October 2024 to charges related to his activities as president of the company. In June 2020, the company filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Western District of Louisiana.
In January 2021, a Distribution Trust was created as part of the company’s bankruptcy reorganization plan to repay creditors. Owen signed a Distribution Trust Agreement requiring him to pay 30% of any additional compensation he received from the company directly into this trust.
The company later applied for Employee Retention Credits (ERCs), a refundable tax credit for businesses affected by the COVID-19 pandemic. Owen intercepted U.S. Department of Treasury checks meant for these credits and deposited $3.8 million into an account he opened in the company’s name while it was still under bankruptcy proceedings.
Owen did not fulfill his obligation to pay 30% of this compensation to the Distribution Trust but instead used the funds for personal expenses such as gambling debts.
The investigation was conducted by IRS Criminal Investigation, FBI, and Louisiana State Police and prosecuted by Assistant United States Attorney Seth D. Reeg.
