Tuesday, November 25, 2014

Major Embezzlement Alleged At Oklahoma Utility - Former Manager Suspected

From NewsOK on 11/22/2014:

The Oklahoma State Bureau of Investigation is looking into embezzlement allegations at Choctaw Electric Cooperative just weeks after its board of directors fired the general manager.


After initially standing by him, the Choctaw co-op board on Oct. 28 fired former CEO and General Manager Terry Matlock. He had been with the co-op since 2002.

“The board’s action occurred after an ongoing investigation revealed inconsistencies in administering policies and mismanagement relative to the purchase and personal use of equipment owned by the cooperative,” the board said in a statement.

A telephone message left for Matlock was not returned Friday. Matlock is a regent for the Regional University System of Oklahoma and served 12 years in the Oklahoma House of Representatives.


Other members said they were concerned about a $1.4 million retirement annuity purchased with co-op funds on Matlock’s behalf in 2012. The co-op’s federal tax return that year showed Matlock receiving a base salary of $194,000 and a bonus of $16,500.

After it fired Matlock in October, the board said it recovered the annuity, which is now owned by the co-op and worth $1.6 million.


Read the whole story here.

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