SEC v. John E. Collins, No. LR-18421, Western District of Oklahoma (Oct. 1, 2003) — Press Release
raw: John E. Collins
John E. Collins, No. LR-18421 (Oct. 1, 2003)
John E. Collins was sentenced to 71 months in federal prison and ordered to pay $290,000 in restitution after pleading guilty to obstruction of justice and wire fraud for aiding Garry W. Stroud in violating an asset freeze, submitting a fake promissory note to evade a $187,000 court order, and defrauding an additional $100,000 from other victims.
John E. Collins pleaded guilty to one count of obstruction of justice and one count of wire fraud, leading to a 71-month federal prison sentence and $290,000 in restitution. He obstructed an SEC investigation by aiding Garry W. Stroud in violating a court-ordered asset freeze, then defied a civil contempt order to turn over $187,000 by submitting a fraudulent promissory note to the receiver. Simultaneously, Collins defrauded an additional $100,000 from other victims in a separate scheme, prompting an FBI criminal complaint and his eventual incarceration and guilty plea.
On October 1, 2003, John E. Collins was sentenced to 71 months in federal prison and ordered to pay $290,000 in restitution after pleading guilty to obstruction of justice and wire fraud. He had aided Garry W. Stroud in violating a court-ordered asset freeze, concealing assets and obstructing the SEC’s investigation into Stroud’s fraud. On November 18, 2002, Judge Lee R. West found Collins in civil contempt for failing to turn over $187,000 in property obtained from Stroud, both before and after the freeze, and ordered him to comply. Instead of complying, Collins submitted a forged promissory note to the receiver, falsely claiming a third party would pay the amount. At the same time, he ran a separate fraud scheme, raising $100,000 from additional victims. His deception triggered an FBI criminal complaint, leading to his incarceration to coerce compliance, and ultimately his guilty plea under a federal plea agreement. The case concluded with his sentencing and restitution order, covering both the contempt-related assets and the additional fraud proceeds.
Extracted insights
- $290K $290,000 $100K–$1M
- $187K $187,000 $100K–$1M
- $100K $100,000 $100K–$1M
- agency Federal Bureau of Investigation
- person garry w. stroud
- person john e. collins
- person john e. collins incarcerated
- person judge lee r. west
- person judge stephen p. friot
- person judge west
- scheme_term obstruction of justice and wire fraud
- person plea agreement
- agency sec investigation
- Judge Stephen P. Friot Sentenced John E. Collins to 71 Months in Prison
- Judge Stephen P. Friot Ordered John E. Collins to Pay $290,000 in Restitution
- John E. Collins Obstructed SEC Investigation
- John E. Collins Entered Plea Agreement
- John E. Collins Pleaded Guilty to Obstruction of Justice and Wire Fraud
- The Commission Alleged Collins Violated Asset Freeze Order
- John E. Collins Aided and Abetted Garry W. Stroud
- Judge Lee R. West Found John E. Collins in Civil Contempt
- Judge Lee R. West Ordered John E. Collins to Turn Over $187,000 in Property
- John E. Collins Faxed Bogus Promissory Note to Receiver
- John E. Collins Raised $100,000 from Other Victims
- Judge West Ordered John E. Collins Incarcerated
- FBI Swore Out Criminal Complaint against John E. Collins
On October 1, 2003, Judge Stephen P. Friot, United States District Judge for the Western District of Oklahoma, sentenced John E. Collins to a term of 71 months in federal prison, plus three years supervised release, and ordered him to pay $290,000 in restitution in connection with his obstructing an SEC investigation and willful violation of a court ordered asset freeze. Collins previously entered into a plea agreement with the United States Attorney for the Western District of Oklahoma pursuant to which he pleaded guilty to one count of obstruction of justice and one count of wire fraud. These violations are the subject of the Commission's civil contempt proceedings against Collins in the Western District of Oklahoma. In its contempt action, the Commission alleged that Collins had willfully violated the terms of an asset freeze order entered against Garry W. Stroud and aided and abetted Stroud in violating the terms of the asset freeze order. On November 18, 2002, Judge Lee R. West, United States District Judge for the Western District of Oklahoma, found Collins in civil contempt and ordered him to turn over $187,000 in property obtained from Stroud both before and after the entry of the asset freeze order. In response to Judge West's order to turn over funds and property to the receiver in the Stroud case, Collins faxed to the receiver's office a bogus promissory note allegedly signed by a third-party agreeing to pay the money due under the contempt order. Simultaneously with his efforts to deceive the receiver, Collins raised an additional $100,000 from other victims in a separate scheme. As a consequence of the bogus promissory note, and his failure to comply with the contempt order, Judge West ordered Collins incarcerated to coerce his compliance. At the time of his incarceration, the FBI swore out a criminal complaint against Collins, which ultimately led to his plea.
On October 1, 2003, Judge Stephen P. Friot, United States District Judge for the Western District of Oklahoma, sentenced John E. Collins to a term of 71 months in federal prison, plus three years supervised release, and ordered him to pay $290,000 in restitution in connection with his obstructing an SEC investigation and willful violation of a court ordered asset freeze. Collins previously entered into a plea agreement with the United States Attorney for the Western District of Oklahoma pursuant to which he pleaded guilty to one count of obstruction of justice and one count of wire fraud. These violations are the subject of the Commission's civil contempt proceedings against Collins in the Western District of Oklahoma. In its contempt action, the Commission alleged that Collins had willfully violated the terms of an asset freeze order entered against Garry W. Stroud and aided and abetted Stroud in violating the terms of the asset freeze order. On November 18, 2002, Judge Lee R. West, United States District Judge for the Western District of Oklahoma, found Collins in civil contempt and ordered him to turn over $187,000 in property obtained from Stroud both before and after the entry of the asset freeze order. In response to Judge West's order to turn over funds and property to the receiver in the Stroud case, Collins faxed to the receiver's office a bogus promissory note allegedly signed by a third-party agreeing to pay the money due under the contempt order. Simultaneously with his efforts to deceive the receiver, Collins raised an additional $100,000 from other victims in a separate scheme. As a consequence of the bogus promissory note, and his failure to comply with the contempt order, Judge West ordered Collins incarcerated to coerce his compliance. At the time of his incarceration, the FBI swore out a criminal complaint against Collins, which ultimately led to his plea.