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

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.

Tuesday, December 8th 2009, 12:32 pm

By: News On 6

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

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.

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