Ex-oil exec admits to stealing more than $2 million
HOUSTON – A 45-year-old Katy man has entered a guilty plea to embezzling over $2 million from a local oil services company, announced U.S. Attorney Ryan. K. Patrick.
Robert Andrew Bishop was the vice president of resource management at International Professional Management (IPM), an oil services company located in Houston. As part of his duties, he was in charge of securing short term loans to cover IPM’s monthly operating capital.
Today, he admitted he would inflate the loan amount needed and then divert the excess money to fake vendor accounts he controlled.
Over the span of approximately six years, Bishop diverted roughly $2.1 million from the company’s operating expenses.
The owners of IPM discovered his fraud scheme in August 2019.
Sentencing has been set for Jan. 5, 2021, before U.S. District Judge Keith Ellison. At that time, Bishop faces up to 20 years in federal prison and a possible $250,000 maximum fine.
The FBI conducted the investigation. Assistant U.S. Attorney Thomas Carter is prosecuting the case.