Oklahoma City, Oklahoma – MICHAEL LLOYD LEE, 50, formerly of Edmond, Oklahoma, and now residing in Dallas, Texas, has been sentenced to 80 months in prison for defrauding banks and his former employer by forging more than $5.8 million worth of checks drawn on his employer’s bank accounts, announced John C. Richter, United States Attorney for the Western District of Oklahoma.

"This defendant lived a lavish lifestyle by stealing from his employer,” stated Mr. Richter.  “Now, he will begin paying the very steep price for his thievery.” 

From March of 2003 to August of 2007, Mr. Lee was employed at Raven Resources, LLC, an Oklahoma City oil and gas company.  He earned a salary of approximately $144,000 per year.  On February 28, 2008, the United States Attorney’s Office filed a two-count Information charging Mr. Lee with bank fraud and money laundering.  Count One alleged that during his employment, Mr. Lee forged the name of a principal of Raven Resources on 203 checks drawn on Raven Resources accounts at three different federally insured financial institutions – Legacy Bank, Bank of Oklahoma, and Coppermark Bank – for a total of $5,800,103.96.  The Information alleged further that Mr. Lee used these funds to buy personal goods and services and also deposited some of the funds into his personal bank account.  Count Two alleged that Mr. Lee violated federal money laundering laws on November 8, 2006, when he used more than $10,000 of criminally derived proceeds to purchase a silver 2003 Mercedes-Benz at Dallas Roadster for $39,795.08.   On March 17, 2008, Mr. Lee pled guilty to both counts. 

Today, Mr. Lee was sentenced to 80 months in federal prison, to be followed by three years of supervised release.  Mr. Lee will begin service of his sentence on or before October 22, 2008.  Pursuant to a plea agreement, the court entered a restitution order in favor of Raven Resources in the amount of $5,800,103.96.  The government has seized available assets, including the Mercedes and numerous pieces of jewelry, to assist in providing restitution.

Mr. Richter commended the investigative work in this case by the Federal Bureau of Investigation, the Criminal Investigations Division of the Internal Revenue Service, and the United States Secret Service.  He also commended Assistant U.S. Attorney Scott E. Williams for his fine work on the case.