Accountant Sentenced for Tax Fraud

Accountant Sentenced for Tax Fraud

Nelson Wade Cagle, 32, of Owasso, was sentenced Monday to serve 36 months in federal prison for filing a false income tax return in 2013. In addition to the prison incarceration, United States District Court Chief Judge Gregory K. Frizzell ordered Cagle to pay restitution in the approximate amount of $2 million to CEI Petroleum, LLC, owned by ORCA/CEI Petroleum, and approximately $600,000 to the Internal Revenue Service.

Cagle was charged by Information in April 2016, and pleaded guilty in June 2016.

According to court documents, Cagle admitted that he failed to report the monies and funds that he fraudulently diverted from ORCA/CEI Petroleum, a local petroleum/energy corporation, as income on his 2013 federal tax return. His embezzlement and failure to report it on his income tax return also resulted in his owing the Internal Revenue Service more than $597,000.