Sat, Jun 17th, 2023 - 8:35am
April 08, 2022 - 7:17am | By Kyle Cornell
(Dickinson, ND) -- A North Dakota senior executive with an oil-services company is facing three years in prison in connection with a fraud scheme.
The U.S. Department of Justice says Joseph Kostelecky was the executive vice-president of Poseidon Concepts Corporation when he engaged in a scheme to fraudulently inflate the company's reported revenue that led to over 860-million dollars in shareholder losses.
Kostelecky pleaded guilty in October for his role in the scheme. Court documents show the fraudulent activity happened between November 2011 and December 2012.
