Published On: Thu, Jun 18th, 2009

Quest Energy ex-CFO charged with fraud – US DOJ

A federal grand jury in Oklahoma City indicted a former chief financial officer of Quest Energy Partners LP (QELP.O) with three counts of wire fraud for an alleged scheme to defraud the company of $1 million, the U.S. Justice Department said.

The indictment alleges that in 2008, David Grose, 56, diverted $1 million out of Quest to use for a personal investment in a hydrogen fuel technology company, the DoJ said in a statement.

“If convicted, Grose faces up to 20 years in federal prison on each count and a fine of not more than the greater of twice the gross gain in this case, e.g., $2 million,” the DoJ said.

In September last year, Quest Energy fired David Grose and said it was carrying an internal investigation related to the alleged charges of inappropriate use of company assets.

 

Source: news.chemnet.com