owner of local energy service companies indicted for bankruptcy fraud | USAO-WDLA
SHREVEPORT, La. – Interim United States Attorney Alexander C. Van Hook has announced that a federal grand jury has issued an indictment accusing a businessman from Shreveport, Michael Ray Carr, Jr., 39 years old, with concealment of bankruptcy assets.
According to the indictment, Carr was the sole and principal owner of PADCO Energy Services, LLC (“Energy”), and the 60% owner of PADCO Pressure Control, LLC (“Pressure”), the two companies being primarily made up of petroleum services. On October 4, 2016, Energy and Pressure filed for Chapter 11 bankruptcy. The bankruptcy documents were signed by Carr and certified under penalty of perjury that the information they contained was true and correct.
The indictment alleges that a bankruptcy court hearing was held on September 12, 2017, in which Pressure and Carr agreed to hand over the estate’s assets, oilfield equipment, to the trustee bankruptcy. However, on October 5, 2017, Pressure’s Chapter 11 trustee filed a petition in the bankruptcy proceedings claiming that Pressure and Carr had not delivered the assets of the estate. On December 1, 2017, an agreement between Pressure, Energy, Carr and the creditors was reached and a consent order was approved by the bankruptcy court stating that the Chapter 11 trustee could secure all the equipment referenced in the order. .
It is further alleged in the indictment that Carr knowingly and fraudulently withheld property for Pressure and Energy which belonged to the bankruptcy estate, from the Chapter 11 trustee in charge of monitoring the debtor’s property, from the creditors. and the United States Trustee.
An indictment is only a charge and an accused is presumed innocent unless and until his guilt is proven beyond a reasonable doubt.
The FBI is investigating and US Assistant Prosecutor Tennille M. Gilreath is pursuing the case.
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