Ex-Oil Exec gets 3 years for $100 million revenue scam

By Max Jaeger (April 5, 2022, 6:11 p.m. EDT) – A former North Dakota oil executive has been sentenced to three years in prison for fraudulently inflating revenue reports in a $100 million scheme. dollars that destroyed his business and cost investors $886 million, the U.S. Department of Justice announced Tuesday.

Joseph A. Kostelecky must also pay $406.2 million in restitution and lose more than $50,000, according to a judgment by U.S. District Judge Daniel M. Traynor.

Prosecutors wanted 20 years, and Kostelecky’s lawyers asked for less than 10, arguing in a sentencing brief that even a five-year sentence would be a ‘death sentence’ for the 61-year-old due to circumstances not specified…

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