HOUSTON – A former oil executive convicted of embezzlement has been sentenced to prison, according to a news release.
Robert Andrew Bishop was the vice president of the Houston-based oil company, International Professional Management (IPM). Part of his job involved securing short term loans to cover the company’s operating capital, according to the release.
Authorities said the 46-year-old would “inflate the loan amount needed and then divert the excess money to fake vendor accounts he controlled.”
An investigation revealed that Bishop stole approximately $2.1 million over the course of six years from the company’s operating expenses, officials said.
Bishop’s fraud scheme was discovered in August 2019 and he pleaded guilty to the charges in October 2020, according to authorities.
On Thursday, Bishop was sentenced to 41 months in prison, immediately followed by two years of supervised release.