Gene Stipe Transfers Property To New Company

Thursday, December 27th 2007, 8:35 am
By: News On 6

OKLAHOMA CITY (AP) -- Records show former state Senator Gene Stipe has transferred his oil and gas interests across Oklahoma to a company formed just over a month ago. State Representative Mike Reynolds says he notified the FBI of the transfer because he questions how Stipe could legally transfer property after being found mentally incompetent.

Stipe is under house arrest since a federal judge found him mentally incompetent to face a hearing in which federal prosecutors were trying to revoke his probation. Stipe was on probation for his part in an illegal fundraising scheme in a 1998 congressional campaign.

Records show on November 20th Stipe assigned his oil and gas interests in at least 17 counties to Gene Stipe Exploration. Paperwork to create the company was filed by an attorney on November 15th.

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