Judge Convicts Former Merritt Oil Exec Of Check Kiting

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.