North Dakota Oil Executive Pleads Guilty in Fraud Scheme
He faces up to 40 years in prison.
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He faces up to 40 years in prison.
He faces up to 40 years in prison.
Joseph A. Kostelecky, formerly the executive vice president of U.S. operations at a publicly traded Canadian oil-services company, pleaded guilty Wednesday to perpetrating a scheme to fraudulently inflate the company’s reported revenue that resulted in shareholder losses in excess of $886 million.
BISMARCK, N.D. (AP) -- A former North Dakota oilfield executive pleaded guilty Wednesday to fraud charges for misleading shareholders about his company's
A former North Dakota oilfield executive has pleaded guilty to federal fraud charges for misleading shareholders about his company’s value, in a scheme that eventually forced it to go bankrupt and led to more than $886 million in losses