Former Tulsa executive indicted on fraud, tax evasion charges
Wednesday, May 7th 2003, 12:00 am
By: News On 6
(Tulsa-AP) -- The former chief executive of a Tulsa environmental services company was indicted today on federal fraud and tax evasion charges.
A 27-count criminal complaint and a civil lawsuit accuse Eddy Patterson of defrauding investors and banks of 13 (m) million dollars. Patterson is also accused of not paying income taxes from 1996 through 2000.
Patterson's wife, Judith, also faces tax evasion charges. The couple was arrested today in Tulsa.
Eddy Patterson led National Environmental Services Company, or NESCO, a Tulsa-based firm that filed for bankruptcy in 2001 and is still reorganizing.
Patterson is accused of hiding losses to boost the company's stock price on the NASDAQ exchange.
NESCO shares traded for more than $4 before the alleged fraud was revealed. They traded for pennies afterward.