Judge Convicts Former Merritt Oil Exec Of Check Kiting

Law360 (March 3, 2011, 6:37 PM EST) -- A former executive at Merritt Oil Co. was found guilty in Alabama on Wednesday of conspiring to float $200 million in bad electronic fund transfers and bad checks in order to keep the company from defaulting in its daily payments to suppliers.

Following a bench trial, Judge William H. Steele of the U.S. District Court for the Southern District of Alabama convicted Richard Blow — formerly a chief operating officer and part owner of Merritt Oil — on one count of conspiracy and one count of...
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