12/10/2008

News / Oklahoma Residents Convicted of Bankruptcy Fraud, Money Laundering

S heldon J. Sperling, United States Attorney for the Eastern District of Oklahoma, announced today that JOEL T. STRINGFELLOW, age 55, and TERRY L. STRINGFELLOW, age 52, both of Calera, Oklahoma, were found guilty by a federal jury on Friday.

“The STRINGFELLOWS faced charges in a trial that began with testimony on December 1, 2008,” stated U.S. Attorney Sheldon J. Sperling. “After a five day trial, the jury found the defendants guilty of Money Laundering and Bankruptcy Fraud, in violation of Title 18, U.S.C. §§ 1957 and 2; Title 18, U.S.C. §§ 152(5) & (7) and 2; and Title 18, U.S.C. § 152(3) .”

“The defendants were charged in a twelve count indictment relating to bankruptcies filed in 2003 by Sioux Redi-Mix, Inc. and Sioux Aggregates, Inc. JOEL STRINGFELLOW fraudulently transferred the companies’ assets in anticipation of the bankruptcies, fraudulently receiving the corporations’ assets while they were in bankruptcy and money laundering. TERRY STRINGFELLOW was convicted for making false declarations under penalty of perjury in the bankruptcy cases. The defendants are husband and wife, ” noted U.S. Attorney Sperling.

“Charges arose from an investigation by the Federal Bureau of Investigation, Internal Revenue Service, and the United States Trustee Program, a component of the U.S. Department of Justice which acts in the public interest to promote the efficiency and to protect and preserve the integrity of the bankruptcy system, ” recalled U.S. Attorney Sperling.

“The Honorable Frank H. Seay, District Judge in the United States District Court for the Eastern District of Oklahoma, presided over the trial. The Court ordered the completion of a presentence report. Sentencing will be scheduled following its completion. The defendants are free on bond pending sentencing.”

“Special Assistant United States Attorney David Newman and Assistant United States Attorney Gay Guthrie represented the United States.”

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