Former PEC general manager Bennie Fuelberg was found guilty on charges of third degree theft, money laundering, and misapplication of fiduciary property for a scheme where payments were funneled through PEC’s outside law firm to his brother Curtis Fuelberg and to Bill Price, the son of a member of the PEC Board of Directors, without the apparent knowledge or approval of anyone at PEC. Though indicted on first degree charges, the prosecutor allowed for the reduction to third degree during the two week long trial which culminated today in Fredericksburg.
Fuelberg could face two to 10 years in prison and up to $10,000 in fines for his part in the scheme, which included PEC’s chief outside lawyer Walter Demond, who goes to trial in March on identical first degree felony charges.
The date of sentencing has not been set as of this writing.
More details:
Austin American Statesman 11/30/10, 12/1/10, 12/2/10, 12/3/10, 12/6/10, 12/7/10, 12/8/10, 12/9/10, 12/10/10, 12/10/10
San Antonio Express-News 12/1/10, 12/4/10, 12/9/10, 12/10/10
and of course more news stories and commentaries in the archives of PEC4U’s Watchdogs email discussion list.
I WONDER WHY THE CFO, VOLLMER, IS ALLOWED TO KEEP HIS EMPLOYMENT WITH THE COOP. DID HE NOT ALSO HAVE A FIDUCIARY RESPONSIBILITY TO REPORT WHAT WERE CRIMINAL ACTIVITY? HE LET THE ACTIVITY CONTINUE UNDER HIS WATCH. ALL OF A SUDDEN HE’S MISTER WATCH DOG. BEFORE HE CAME ON BOARD JOE MARTIN RESIGNED BECASE HE SAW WHAT WAS GOING ON. VOLLMER WANTED HIS $250K SO HE TURNED HIS BACK. HE IS A CRIMINAL AS WELL
[...] them to Fuelberg’s brother and the son of a former PEC director. In December 2010, Fuelberg was found guilty on all charges and in February 2011, he was sentenced to 300 days in jail and ordered to pay over $100,000 in [...]