Tulsa Business Owner Accused Of Owing Potential Investors Nearly $600,000 - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Tulsa Business Owner Accused Of Owing Potential Investors Nearly $600,000

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The doors to Automated Research and Marketing are now locked and the building is vacant after shutting down operations on Tuesday. The doors to Automated Research and Marketing are now locked and the building is vacant after shutting down operations on Tuesday.

By Dan Bewley, The News On 6

TULSA, OK -- The News On 6 has discovered the owner of a Tulsa business that laid off more than a hundred people last week is accused by potential investors of owing them nearly $600,000. 

According to court records, William Coonan owns Automated Research and Marketing. On Saturday The News On 6 reported the company, which is based in the Fontana Shopping Center, told its employees to go home last week because it couldn't provide paychecks.

12/5/2009  Related Story: Tulsa Business Closes Without Warning, More Than 100 People Jobless 

According to court documents, Coonan is being sued by Delaware-based Iselo Holdings. The documents indicate Iselo and Coonan entered talks to merge last summer and Iselo loaned Coonan $585,000. The money was to help Coonan make payroll and other day-to-day business operations.

Former employees of ARM Services may contact the Oklahoma Wage and Hour Division in Tulsa to file a complaint to get their missing paychecks:

Oklahoma Wage and Hour Division

5110 S. Yale

Tulsa, OK 74135

581-2400

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