SHREVEPORT, La. (KTAL/KMSS) — A Shreveport business owner pleaded guilty on Monday to money laundry, announced United States Attorney Brandon B. Brown. The business owner defrauded a distribution trust of more than $1.1 billion, which he used for personal expenses to pay off gambling debts. The U.S. Attorney stated a Bill of Information was filed on September 30, 2024, charging 52-year-old Brian T. Owen of Caddo Parish with one count of money laundering.' Owens owned and was president of an oilfield consulting business headquartered in Bossier City. The U.S. Attorney stated the charge resulted from state and federal law enforcement agencies investigating Owen's 'unlawful activities.' On June 22, 2020, the company filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Western District of Louisiana.  "In January 2021, as part of the company’s bankruptcy plan of reorganization, a Distribution Trust was established to pay back creditors, and Owen executed a Distribution Trust Agreement in his role as president of the company. According to this plan, if Owen received any additional compensation from the company, he was required to pay 30% of that directly to the Distribution Trust," stated the U.S. Attorney. The investigation discovered Owens defrauded the Distribution Trust out of $1,157,154.39. Judge grants family permanent stay away order from BRPD officer accused of assault at Brave Cave The U.S. Attorney detailed in 2021 that the company began applying for Employee Retention Credits (“ERCs”), a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic. "Owen then devised a scheme to defraud the Distribution Trust by intercepting the physical U.S. Department of Treasury Checks before they were deposited into the company’s working accounts. Unbeknownst to other senior leadership at the company, Owen had opened a bank account in the company's name while it was still in bankruptcy," "As part of the scheme, he deposited $3.8 million in ERC funds as additional compensation. Owen did not pay the Distribution Trust the 30% as he had agreed but instead used the money for his own personal expenses, including to pay off gambling debts. In total, he defrauded the Distribution Trust out of $1,157,154.39," detailed the U.S. Attorney's Office. Owen could be sentenced to up to 10 years in prison, three years of supervised release, and a fine of up to $250,000. Latest News Trump hurls string of insults at Harris including racist trope against Black people Feds press Louisiana on its commitment to a stalled billion-dollar coastal restoration project Louisiana business owner pleads guilty to money laundering more than $1.1 billion Why are sugarcane fields burned? Trump praised 'Hitler's generals' for loyalty: John Kelly