A former executive of U.S. operations at Canadian oil services company Poseidon Concepts was sentenced Monday to three years in prison and ordered to pay approximately $406.2 million in restitution for perpetrating a scheme to fraudulently inflate the company’s reported revenue.
Joseph Kostelecky’s misconduct resulted in shareholder losses of more than $886 million, according to the Department of Justice. Kostelecky admitted he caused the company to falsely report approximately $100 million in revenue from purported long-term contracts with oil and natural gas companies that were customers.
