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August 19, 2008

Former resident gets 80 months in $5.8 fraud case

A former Edmond reisdent has been sentenced for defrauding banks and his former employer by forging more than $5.8 million worth of checks drawn on his employer’s bank accounts.

Michael Lloyd Lee, 50, formerly of Edmond, now of Dallas, Texas, has been sentenced to 80 months in prison, according to the U.S. Attorney’s office.

In February, the U.S. Attorney’s Office charged Lee with bank fraud and money laundering. The counts alleged that during his employment with Raven Resources LLC, an Oklahoma City oil and gas company, Lee forged the name of a principal of Raven Resources on 203 checks at three banks for a total of $5,800,103.96.

The charge alleged further that Lee deposited some of the funds into his personal bank account and used these funds to buy personal goods and services, including a silver 2003 Mercedes-Benz for $39,795.08. On March 17, Lee pled guilty to both counts.

Lee’s sentence of 80 months in federal prison is to be followed by three years of supervised release. Lee will begin service of his sentence on or before Oct. 22. Pursuant to a plea agreement, the court entered a restitution order in favor of Raven Resources in the amount of $5,800,103.96.

The government has seized available assets, including the Mercedes and numerous pieces of jewelry, to assist in providing restitution.

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