A respected figure in the Louisiana oilfield industry has been sentenced to federal prison after admitting he stole millions of dollars meant to help his struggling company. Brian T. Owen, 52, from Caddo Parish, served as the president of an oilfield consulting firm headquartered in Bossier City. He has been sentenced to 30 months in federal prison after admitting to money laundering.
The sentence was handed down by United States District Judge S. Maurice Hicks, Jr. In addition to prison time, Owen must also serve three years of supervised release, pay a $100,000 fine, and return over $1.1 million in restitution.
This case stems from a scheme Owen carried out while his company was going through bankruptcy. In June 2020, the company filed for protection under Chapter 11 of the Bankruptcy Code. As part of a court-approved plan to pay back creditors, a special fund called a Distribution Trust was created. Owen signed an agreement saying that if he received any extra money from the company, he would pay 30% of it into this trust.
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Millions Meant for Relief, Taken Instead
In 2021, the company submitted an application for Employee Retention Credits (ERCs). These were tax refunds offered by the U.S. government to help businesses that kept employees on payroll during the COVID-19 pandemic. These refunds came in the form of checks from the U.S. Department of the Treasury.
But instead of depositing those checks into the company’s normal accounts, Owen created a secret bank account under the company’s name — an account that only he controlled. He intercepted the Treasury checks and put them into this private account without telling anyone else in the company.
Over time, Owen funneled a total of $3.8 million in ERC funds into the secret account and kept the money for his own use. Despite being legally obligated, he failed to forward any of it to the Distribution Trust. Instead, he spent the funds on personal expenses, including settling gambling debts.
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This was all done without the knowledge of the company’s other leaders or stakeholders. Owen was still acting as the company’s president at the time and used that position of trust to carry out his scheme quietly.
Caught, Charged, and Sentenced
The unlawful scheme was eventually uncovered and investigated by the Internal Revenue Service Criminal Investigation (IRS-CI), the Federal Bureau of Investigation (FBI), and the Louisiana State Police. Their efforts uncovered the full scope of Owen’s actions.
In October 2024, Owen pleaded guilty to one count of money laundering after being formally charged through a Bill of Information. Following the sentencing in federal court, Acting United States Attorney Alexander C. Van Hook publicly announced the resolution of the case.
The prosecution was led by Assistant United States Attorney Seth D. Reeg, who worked with investigators to bring the case to court and ensure accountability.
This case highlights how even trusted business leaders can exploit financial relief efforts for personal gain. The court’s decision underscores the seriousness of misusing public funds, especially during times of national crisis.
