Wednesday, September 30, 2020

Fraud & Crime in the oil and gas industry

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Kansas City firm reaches $11 million SEC settlement for alleged oil and gas scheme

The U.S. Securities and Exchange Committee (SEC) said on Monday that it has reached an $11 million settlement with a Kansas City company accused of orchestrating and oil and gas fraud. The SEC said in...

Former PetroChina vice chairman jailed 15 years for graft

A former PetroChina executive was sentenced on Thursday to over a decade in prison on corruption charges. According to an official statement Reuters, the Dezhou Intermediate People’s Court sentenced former PetroChina vice chairman Liao Yongyuan to 15 years...

Report: Over 100 people convicted of defrauding BP Deepwater Horizon fund

Over 100 people have been jailed for fraudulent Deepwater Horizon spill claims, according to data collected by the Financial Times. The paper said that a Freedom of Information Act request made to the U.S. Department of Justice...

Two U.S. energy execs plead guilty in PDVSA bribery probe

Two U.S. based energy executives pleaded guilty on Tuesday to charges related to a years long bribery scheme tied to contracts with Venezuela's PDVSA. The U.S. Department of Justice said in a statement that Juan Jose...

DOJ charges North Dakota oil services exec with $100 million fraud

A former executive at a now defunct Canadian services firm has been indicted on multiple charges for orchestrating a $100 million fraud scheme. The U.S. Department of Justice (DOJ) said Joseph A. Kosteleck orchestrated a scheme to fraudulently...

SandRidge Energy penalized $1.4 million for retaliating against internal whistleblower

An oil-and-gas company that allegedly retaliated against an internal whistleblower and used illegal separation agreements agreed to pay the SEC a $1.4 million penalty. Oklahoma-based SandRidge Energy Inc. fired an employee who raised concerns inside...

Oilpro.com founder pleads guilty to hacking competitor’s website

The founder of Oilpro.com pled guilty on Monday to hacking a competitor's website and stealing customer information. The U.S. Attorney’s Office Southern District of New York, David W. Kent, the founder of the professional networking...

Long prison terms for two in Deepwater Horizon claims fraud

Two people were sentenced to long prison terms last week for conspiring to defraud the Deepwater Horizon spill fund. The U.S. Attorney’s Office Southern District of Mississippi said Thi Houng Le, also known as Kristy Le,...

U.K. Serious Fraud Office ends investigation into alleged Somalia bribes by Soma Oil &...

The UK Serious Fraud Office said Wednesday it has closed its 18-month criminal investigation into Soma Oil & Gas and allegations of corruption in Somalia. The SFO said there was "insufficient evidence to provide a realistic prospect...

Florida woman ordered to pay over $600,000 for Deepwater Horizon fraud

A South Florida woman has been ordered to pay over $600,000 for her role in filing false Deepwater Horizon claims. The Justice Department said in a statement that Caridad Rioseco Alejandrez, 51 of Key West, was ordered...