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Owner of Local Energy Service Companies Indicted for Bankruptcy Fraud

Photo courtesy of MGN Online

A federal grand jury has returned an indictment charging a Shreveport businessman, Michael Ray Carr, Jr., age 39, with concealment of bankruptcy estate assets.

Posted: Mar 3, 2021 9:20 AM

SHREVEPORT, La. -Acting United StatesAttorney Alexander C. Van Hook announced that a federal grand jury has returned an indictment charging a Shreveport businessman, Michael Ray Carr, Jr., age 39, with concealment of bankruptcy estate assets. According to the indictment, Carr was the sole and principal owner of PADCO Energy Services, LLC (“Energy”), and sixty percent owner PADCO Pressure Control, LLC (“Pressure”), with both businesses consisting of mainly oilfield services. On October 4, 2016, Energy and Pressure filedfor Chapter 11 bankruptcy. The bankruptcy documents were signed by Carr and certified under penalty of perjury that the information contained in them was true and correct.The indictment alleges that a bankruptcy court hearing was held on September 12, 2017, wherein Pressure and Carr agreed to turn over property of the estate, oilfield equipment, to the bankruptcy trustee. However, on October 5, 2017, the Chapter 11 trustee for Pressure filed a motion in the bankruptcy proceeding claiming that Pressure and Carr had failed to turn over the property of the estate. On December 1, 2017, an agreement between Pressure, Energy, Carr, and the creditors was reached and a consent order was approved by the bankruptcy court stating that the Chapter 11 trustee could secure all equipment referenced in the order. It is further alleged in the indictment that Carr knowingly and fraudulently concealed property for Pressure and Energy which belonged to the bankruptcy estate, from the Chapter 11 trustee charged with control of the debtor’s property, from the creditors, and the United States Trustee.An indictment is merely an accusation and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.The FBI is conductingthe investigationand Assistant U.S. Attorney Tennille M. Gilreath is prosecuting the case.

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