Texas Petrochemicals Exec Charged In $11.8M Scam

Law360, New York (September 13, 2007, 12:00 AM EDT) -- A former executive of Texas Petrochemicals Inc. has been arrested for allegedly cheating the company out of $11.8 million in a scam that caused the chemical manufacturer to misreport its earnings.

The U.S. Attorney's Office for the Southern District of Texas announced criminal charges Thursday against Vernon Franklin Beck, who is accused of embezzling funds from Texas Petrochemicals to a fictitious company called Houston Tankering and Survey between 2002 and 2007.

Beck, who had served as director of transportation and logistics, allegedly authorized payments for phony...
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