HOUSTON – A 45-year-old Katy man has pleaded guilty to embezzling more than $2 million from a local oil services company, the U.S. Department of Justice announced Wednesday.
U.S. Attorney Ryan. K. Patrick said in a news release that 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.
DOJ said he admitted he would inflate the loan amount needed and then divert the excess money to fake vendor accounts he controlled.
The FBI conducted the investigation into this case. Over the span of approximately six years, Bishop diverted roughly $2.1 million from the company’s operating expenses, authorities say. DOJ said the owners of IPM discovered what happened in August 2019.
Sentencing has been set for Jan. 5, 2021, before U.S. District Judge Keith Ellison. At that time, Bishop could face up to 20 years in federal prison and a possible $250,000 maximum fine. Assistant U.S. Attorney Thomas Carter is prosecuting the case.