Monday, February 22, 2010

New Mexico Company Alleges "Massive" Embezzlement By Several Managers

Sundance Services, Inc., an oilfield waste disposal company based in Eunice, New Mexico, has filed a lawsuit in federal court against three former managers alleging that they conspired to misappropriate ""tens of millions of dollars" in company profits and assets for their own benefit. The suit alleges that Donna Roach, assistant to the company president, and secretary, Kelly Roach, manager of operations and director, and Michael Patterson, plant manager and sales director, perpetrated the embezzlement. The complaint claims the thefts occurred over a period of at least 7 years, from 2001 - 2008. According to reports, the former managers, led by Donna Roach, ran the company for its absentee owner since 1998. The complaint alleges that the defendants spent company assets on the purchase of real estate in three states, the purchase of at least two businesses and dozens of payments on personal credit cards. It also alleges the three made unauthorized wire transfers, electronic banking transactions, online banking, credit card transactions and ATM withdrawals to steer company monies for their own benefit, including to pay their utility bills, auto loans and mortgages, among other personal expenses. A dozen other defendants were named as beneficiaries of the former managers' embezzlement scheme.

Read the story here, here and here.

Read the complaint here.

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