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Thread: Teemco

  1. #201

    Default Re: TEEMCO closed by State Tax Commission

    The TEEMCO story is peanuts compared to what probably is occurring on a daily basis in Wall Street. Half the people there are sociopaths. No one does anything about it because they are afraid of the short term consequences e.x. job losses, poorer stock market performance. The only thing anything gets done is when the Ponzi Scheme blows up.

    Just the other day Toshiba's CEO resigned because of a 1.2 billion dollar accounting scandal over a 7 year period.

  2. #202

    Default Re: TEEMCO closed by State Tax Commission

    Wow Pete - looking forward to reading more of your work on this soon. Again, deafening silence from the Jokelahoman as usual! Sorry to everyone who's offended by me bringing our state's most trusted news source into this thread again.

  3. #203

    Default Re: TEEMCO closed by State Tax Commission

    still wanna hear the story about the yacht crash, I spend a lot of time with some locals down @ Texoma and haven't heard anything about it

  4. #204

    Default Re: TEEMCO closed by State Tax Commission

    Quote Originally Posted by ultimatesooner View Post
    still wanna hear the story about the yacht crash, I spend a lot of time with some locals down @ Texoma and haven't heard anything about it
    The full story will eventually come out along with tons of others, but not quite yet.

  5. #205

    Default Re: TEEMCO closed by State Tax Commission

    Peteaser should be your handle, Pete. :-P

  6. #206

    Default Re: TEEMCO closed by State Tax Commission

    Quote Originally Posted by jn1780 View Post
    The TEEMCO story is peanuts compared to what probably is occurring on a daily basis in Wall Street. Half the people there are sociopaths. No one does anything about it because they are afraid of the short term consequences e.x. job losses, poorer stock market performance. The only thing anything gets done is when the Ponzi Scheme blows up.

    Just the other day Toshiba's CEO resigned because of a 1.2 billion dollar accounting scandal over a 7 year period.
    I miss getting to like posts here. I LIKE your post.

  7. #207

    Default Re: TEEMCO closed by State Tax Commission

    Quote Originally Posted by jn1780 View Post
    The TEEMCO story is peanuts compared to what probably is occurring on a daily basis in Wall Street. Half the people there are sociopaths. No one does anything about it because they are afraid of the short term consequences e.x. job losses, poorer stock market performance. The only thing anything gets done is when the Ponzi Scheme blows up.

    Just the other day Toshiba's CEO resigned because of a 1.2 billion dollar accounting scandal over a 7 year period.
    TEEMCO is important because it's happening here and highlights how blatant corporate thuggery can be hushed up so easily around here. Or, so they thought. What you say about Wall Street is very true. But, of course, wait a minute, we know that corruption and kickbacks only happen with "union bosses." Ha!
    No, POWER corrupts.

  8. #208

    Default Re: TEEMCO closed by State Tax Commission

    Quote Originally Posted by soonerguru View Post
    I miss getting to like posts here. I LIKE your post.
    Was that feature removed?

  9. #209

    Default Re: TEEMCO closed by State Tax Commission

    Quote Originally Posted by no1cub17 View Post
    Was that feature removed?
    Has never worked with the Wiki articles such as this one.

  10. #210

    Default Re: Exclusive Report: Troubled times at TEEMCO

    TEEMCO CEO under criminal investigation, files for bankruptcy

    TEEMCO may be out of business but its former CEO Greg Lorson is far from out of the woods.


    Criminal Investigation

    OKCTalk has learned Lorson is being investigated by multiple government agencies for possible tax and business fraud, embezzlement of charitable donations and numerous other crimes.

    Several former TEEMCO employees have been interviewed by the Criminal Investigation unit of the Internal Revenue Service, the FBI and representatives from other government entities.

    According to those familiar with similar cases, investigations involving multiple issues across various government departments often take 1 to 3 years before it is determined whether indictment should be brought. Often, a joint task force is created and all charges – if any – are submitted to the district attorney at one time.

    In May of 2015, TEEMCO was closed by the Oklahoma Tax Commission and never reopened. Soon thereafter, the company was evicted from their Edmond offices and Lorson was forced from his residence for non payment of rent.


    Tax Warrant Filed


    In March, the Oklahoma Tax Commission filed a lien and tax warrant against TEEMCO and Lorson in the amount of $509,149.27 for unpaid state wage withholding taxes through June 30, 2013.

    This particular lien is only for the first 3 years of Oklahoma state withholding taxes but as OKCTalk had previously reported, TEEMCO and Lorson allegedly never paid any of the federal or state withholding taxes over its 6-year life, an amount totaling in the millions before interest and penalties.

    Failing to forward withholding taxes is a serious crime often resulting in extensive fines and prison time.


    Lorson bankruptcy

    In April, Lorson was to appear in court regarding possible eviction for overdue rent for the home he leased immediately next door to his previous residence.

    Lorson filed for Chapter 7 bankruptcy at 9:40AM that Monday; the eviction hearing was to be held at 10AM the same day. Law provides for an immediate 30 day stay of eviction from a primary residence when bankruptcy is filed.

    In the filing, Lorson lists his debts as $100,000 to $500,000, yet court records indicate current legal judgments against him alone amount to be over $1 million.

    In addition to the legal filings, TEEMCO and Lorson owe millions more to creditors of all types for unpaid endorsement deals, vehicle leases, insurance premiums, property rent, attorney fees and various other bills.

    In his bankruptcy application, Lorson listed his assets as $130 in cash, with total monthly expenses of $2,000. He also stated he is currently unemployed with no source of income.

    Lorson's landlord quickly filed to remove the stay from eviction, citing months of back rent and no ability to lease the home while Lorson continued to occupy. The court ruled in favor of the landlord and Lorson is once again facing eviction, owing $5,250 to the property owner.

    Bankruptcy does not provide protection from past or future tax liability.


    Possible business fraud

    From to 2010 to 2015, TEEMCO employed dozens of internal and field salespeople who solicited business in the oil patch, primarily well owners who were required to be in compliance with federal and state statutes regarding safety and environmental issues.

    One of the company's biggest sellers was a so-called “spill plan”, which outlined a course of action in case of oil leakage at a well site.

    TEEMCO marketed several automation and software tools and sold spill plans and related services to well owners who often made full or partial payment in advance. In return, TEEMCO contracted to deliver documentation and provide monitoring and service and materials in case of a problem at the well site.

    TEEMCO inherited a number of clients when it acquired the assets from its predecessor Wellstar, a company that had employed Lorson before entering into an agreement to sell to him in full.

    A pending lawsuit claims that after taking control of Wellstar's assets and client base, Lorson never paid the previous owners and in fact stopped payment on checks he had given them.

    According to former employees, TEEMCO often did not supply the services for which it had received payment, or did not fully deliver what they had promised through contract.

    Employees in change of TEEMCO software development told OKCTalk that virtually none of the tools were functional and were at best prototypes that never approached the claims promoted by the company on its website and marketing materials.


    Long history of legal problems

    The entire series of OKCTalk articles on TEEMCO and Lorson can be found here:

    In 2014, Edmond-based TEEMCO rose to prominence when the previously obscure company signed large endorsement deals in rapid succession with the Oklahoma City Thunder, The University of Oklahoma, Oklahoma State University, KWTV, the Myriad Gardens and Remington Park, among others.

    The company also held a large press conference announcing it had purchased the historic Gold Dome building in Oklahoma City's Uptown area, with plans to renovate and occupy as their headquarters, complete with the world's largest salt crystal lamp.

    All of these deals soon collapsed as did the company, leaving unpaid employees, massive debts and numerous legal problems in its wake.


    Greg Lorson has twice spent significant time in prison, most recently serving a 6 year term at the Federal Correctional Institution in El Reno for conviction on multiple counts of fraud, money laundering and other crimes.

    After being released from incarceration, Lorson almost immediately encountered more legal difficulties involving a failed real estate development deal near Guthrie, where one of his partners was a convicted drug manufacturer and dealer.

    The former controller and main administrator of TEEMCO finances, Mike Dixon, had met Lorson while in prison where he himself was serving time related to an embezzlement scheme in Kansas. Lorson claimed to have fired Dixon from TEEMCO for embezzlement in 2014; Dixon claims he left voluntarily due to disagreement with Lorson over the company's financial dealings.

    One of the founding members of TEEMCO, Thomas Bierd, pleaded guilty in September of 2015 to embezzling hundreds of thousand of dollars from the Citizen Potawatomi Nation in Shawnee.


    OKCTalk's investigation of TEEMCO and Greg Lorson is on-going.

  11. #211

    Default Re: Teemco

    So is it hard or easy to scam people? I used to think it would be hard, but then Greg happened.

  12. Default Re: Exclusive Report: Troubled times at TEEMCO

    Great job on this article and investigation, Pete!

    The State Tax Commission is not the only taxing authority actively involved, so I've "heard.".
    Unions - the folks who brought you weekends!
    Proud Army Veteran's Mom

  13. #213

    Default Re: Exclusive Report: Troubled times at TEEMCO

    Quote Originally Posted by Pete View Post
    TEEMCO CEO under criminal investigation, files for bankruptcy

    TEEMCO may be out of business but its former CEO Greg Lorson is far from out of the woods.


    Criminal Investigation

    OKCTalk has learned Lorson is being investigated by multiple government agencies for possible tax and business fraud, embezzlement of charitable donations and numerous other crimes.

    Several former TEEMCO employees have been interviewed by the Criminal Investigation unit of the Internal Revenue Service, the FBI and representatives from other government entities.

    According to those familiar with similar cases, investigations involving multiple issues across various government departments often take 1 to 3 years before it is determined whether indictment should be brought. Often, a joint task force is created and all charges – if any – are submitted to the district attorney at one time.

    In May of 2015, TEEMCO was closed by the Oklahoma Tax Commission and never reopened. Soon thereafter, the company was evicted from their Edmond offices and Lorson was forced from his residence for non payment of rent.


    Tax Warrant Filed


    In March, the Oklahoma Tax Commission filed a lien and tax warrant against TEEMCO and Lorson in the amount of $509,149.27 for unpaid state wage withholding taxes through June 30, 2013.

    This particular lien is only for the first 3 years of Oklahoma state withholding taxes but as OKCTalk had previously reported, TEEMCO and Lorson allegedly never paid any of the federal or state withholding taxes over its 6-year life, an amount totaling in the millions before interest and penalties.

    Failing to forward withholding taxes is a serious crime often resulting in extensive fines and prison time.


    Lorson bankruptcy

    In April, Lorson was to appear in court regarding possible eviction for overdue rent for the home he leased immediately next door to his previous residence.

    Lorson filed for Chapter 7 bankruptcy at 9:40AM that Monday; the eviction hearing was to be held at 10AM the same day. Law provides for an immediate 30 day stay of eviction from a primary residence when bankruptcy is filed.

    In the filing, Lorson lists his debts as $100,000 to $500,000, yet court records indicate current legal judgments against him alone amount to be over $1 million.

    In addition to the legal filings, TEEMCO and Lorson owe millions more to creditors of all types for unpaid endorsement deals, vehicle leases, insurance premiums, property rent, attorney fees and various other bills.

    In his bankruptcy application, Lorson listed his assets as $130 in cash, with total monthly expenses of $2,000. He also stated he is currently unemployed with no source of income.

    Lorson's landlord quickly filed to remove the stay from eviction, citing months of back rent and no ability to lease the home while Lorson continued to occupy. The court ruled in favor of the landlord and Lorson is once again facing eviction, owing $5,250 to the property owner.

    Bankruptcy does not provide protection from past or future tax liability.


    Possible business fraud

    From to 2010 to 2015, TEEMCO employed dozens of internal and field salespeople who solicited business in the oil patch, primarily well owners who were required to be in compliance with federal and state statutes regarding safety and environmental issues.

    One of the company's biggest sellers was a so-called “spill plan”, which outlined a course of action in case of oil leakage at a well site.

    TEEMCO marketed several automation and software tools and sold spill plans and related services to well owners who often made full or partial payment in advance. In return, TEEMCO contracted to deliver documentation and provide monitoring and service and materials in case of a problem at the well site.

    TEEMCO inherited a number of clients when it acquired the assets from its predecessor Wellstar, a company that had employed Lorson before entering into an agreement to sell to him in full.

    A pending lawsuit claims that after taking control of Wellstar's assets and client base, Lorson never paid the previous owners and in fact stopped payment on checks he had given them.

    According to former employees, TEEMCO often did not supply the services for which it had received payment, or did not fully deliver what they had promised through contract.

    Employees in change of TEEMCO software development told OKCTalk that virtually none of the tools were functional and were at best prototypes that never approached the claims promoted by the company on its website and marketing materials.


    Long history of legal problems

    The entire series of OKCTalk articles on TEEMCO and Lorson can be found here:

    In 2014, Edmond-based TEEMCO rose to prominence when the previously obscure company signed large endorsement deals in rapid succession with the Oklahoma City Thunder, The University of Oklahoma, Oklahoma State University, KWTV, the Myriad Gardens and Remington Park, among others.

    The company also held a large press conference announcing it had purchased the historic Gold Dome building in Oklahoma City's Uptown area, with plans to renovate and occupy as their headquarters, complete with the world's largest salt crystal lamp.

    All of these deals soon collapsed as did the company, leaving unpaid employees, massive debts and numerous legal problems in its wake.


    Greg Lorson has twice spent significant time in prison, most recently serving a 6 year term at the Federal Correctional Institution in El Reno for conviction on multiple counts of fraud, money laundering and other crimes.

    After being released from incarceration, Lorson almost immediately encountered more legal difficulties involving a failed real estate development deal near Guthrie, where one of his partners was a convicted drug manufacturer and dealer.

    The former controller and main administrator of TEEMCO finances, Mike Dixon, had met Lorson while in prison where he himself was serving time related to an embezzlement scheme in Kansas. Lorson claimed to have fired Dixon from TEEMCO for embezzlement in 2014; Dixon claims he left voluntarily due to disagreement with Lorson over the company's financial dealings.

    One of the founding members of TEEMCO, Thomas Bierd, pleaded guilty in September of 2015 to embezzling hundreds of thousand of dollars from the Citizen Potawatomi Nation in Shawnee.


    OKCTalk's investigation of TEEMCO and Greg Lorson is on-going.
    Does Oklahoma have any honest businessmen?

  14. #214

    Default Re: Exclusive Report: Troubled times at TEEMCO

    Quote Originally Posted by dcsooner View Post
    Does Oklahoma have any honest businessmen?
    No, every businessperson in Oklahoma is dishonest. You have to move to Washington D.C. to find some good, honest folks in this crazy world.

  15. #215

    Default Re: Teemco

    sounds like it was a fun place to work. maybe not as fun as Enron, but pretty fun nonetheless.

  16. #216

    Default Re: Teemco

    The employees were generally treated very badly. Verbal abuse, indiscriminate firings, failure to pay, etc.

    Lorson prayed on people who didn't have many options and took full advantage.

    The much bigger story -- which will eventually come out -- is how this was allowed to happen by the government and how the local media was completely complicit in helping them spin their lies and fraud.

    I will write much more about all these topics as this continues to unfold.

  17. #217

    Default Re: Teemco

    I'm sure this guy can get a job as a used car salesman if he needs money that bad.

  18. #218

    Default Re: Teemco

    Quote Originally Posted by jn1780 View Post
    I'm sure this guy can get a job as a used car salesman if he needs money that bad.
    Or run for public office.

  19. #219

    Default Re: Teemco

    Quote Originally Posted by jersey boss View Post
    or run for public office.
    lol.

  20. Default Re: Teemco

    Quote Originally Posted by jn1780 View Post
    I'm sure this guy can get a job as a used car salesman if he needs money that bad.
    Or as a TV reporter....

  21. #221

    Default Re: Teemco

    Pete,

    Thanks for the reporting on this. The Gold Dome thread made me think about Teemco. Have there been any new revelations?

  22. #222

    Default Re: Teemco

    Quote Originally Posted by OkiePoke View Post
    Pete,

    Thanks for the reporting on this. The Gold Dome thread made me think about Teemco. Have there been any new revelations?
    A grand jury is being convened and testimony will soon begin. Lorson and witnesses have been notified.

    Those proceedings are private until such a time an indictment is recommended and the whole process can take months.

    Indictment rate once something goes to grand jury is something like 98-99% and then subsequently conviction rates are almost as high.

    They have a mountain of evidence against Lorson and the grand jury will serve to consolidate all of it as well as pertinent testimony. I believe part of this is determining if anyone else will be charged.

    There are also several different government entities involved (FBI, OSBI, IRS, OK Tax Commission; perhaps others) and while I have a good idea of most the potential charges, I'm sure there will be some surprises too.


    This whole thing has been fascinating in many ways and not just because of the alleged fraud. Lots of well-known and powerful people and businesses were arguably complicit. Much more on that topic to come.

  23. #223

    Default Re: Teemco

    Lorson has been formerly charged in federal court with a felony. More charges are likely to follow as there were other issues regarding fraud.

    Below is from the court filing; I'll have much more on this later today:

    From the second quarter of2010 (ending June 30, 2010) through the first quarter of 2015 (ending March 31, 2015), TEEMCO deducted and collected from the total taxable wages of its employees approximately $2,179,673.22 in employees' federal income taxes, Medicare taxes, and Social Security taxes (collectively, the "payroll taxes"). LORSON, however, directed TEEMCO employees not to forward the withheld payroll taxes to the Internal Revenue Service ('IRS") and not to file with the IRS any Employer's Quarterly Federal Tax Returns (Forms 941) for these quarters. A Form 941 should have been filed within a month after each calendar quarter ended.

    At LORSON's direction during these quarters, TEEMCO also failed to pay over to the IRS approximately $823,547.25 for unemployment taxes and employer-matching portions of employees' Medicare taxes and Social Security taxes. In addition, LORSON caused TEEMCO not to pay approximately $542,162.53 to the Oklahoma Tax Commission for unemployment taxes and employees' withheld income taxes during this time.

    Instead of forwarding the withheld payroll taxes to the IRS, LORSON used these monies to fund TEEMCO's extensive advertising campaign and to pay other creditors and expenses.

    From in or around July 2010 through in or around April 2015, in the Western District of Oklahoma, willfully failed to collect, truthfully account for, and pay over to the IRS the federal income taxes, Medicare taxes, and Social Security taxes withheld and due and owing to the United States for TEEMCO employees for the second quarter of 2010 through the first quarter of 2015. In particular, for those twenty quarters, LORSON failed to file timely any Employer's Quarterly Federal Tax Returns (Forms 941) for TEEMCO and to pay over to the IRS the withheld payroll taxes for TEEMCO employees.

    All in violation of Title 26, United States Code, Section 7202

  24. #224

    Default Re: Teemco

    Quote Originally Posted by Pete View Post
    Lorson has been formerly charged in federal court with a felony. More charges are likely to follow as there were other issues regarding fraud.

    Below is from the court filing; I'll have much more on this later today:
    Just curious, how do they go FIVE years without paying federal or state payroll taxes before anything is done?

  25. #225

    Default Re: Teemco

    Quote Originally Posted by MEvans View Post
    Just curious, how do they go FIVE years without paying federal or state payroll taxes before anything is done?
    That is a very good question and something I am going to write about.

    It's absolutely even worse because employees reported them while they were still operating and nothing was done.

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