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U.S. Securities and Exchange Commission

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

LITIGATION RELEASE NO. 18053 / March 28, 2003

UNITED STATES v. LARRY T. OHMS (U.S.D.C., Northern District of Texas, Dallas Division, Criminal Action No. 3:02-CR-0321-L)

SECURITIES AND EXCHANGE COMMISSION v. LARRY T. OHMS (U.S.D.C., Northern District of Texas, Dallas Division, Civil Action No. 3-02-CV-2361-D)

On March 24, 2003, Judge Sam A. Lindsay, United States District Judge for the Northern District of Texas, sentenced Larry T. Ohms to a term of 32 months in federal prison, plus three years supervised release and ordered him to pay $2,179,195 in restitution to U.S. Lime & Minerals, Inc. in connection with his scheme to embezzle funds from the company. Ohms had previously plead guilty to one count of wire fraud and one count of making a false statement to a government agency, in this case, the Commission, in furtherance of his scheme.

In a complaint filed on October 29, 2002, the Commission charged Ohms with financial fraud and other securities law violations related to his embezzlement from the company over a four-year period. According to the Commission's complaint, Ohms held a number of positions at U.S. Lime between January 1998 and December 2001, including corporate controller, secretary, treasurer, and vice president of finance. The Commission's complaint further alleged that Ohms forged the signatures of other company officers on dozens of checks, and falsified the company's check register to create the appearance that the amounts that he personally received or gave to his creditors went to vendors for U.S. Lime's legitimate business expenses. Additionally, the complaint alleged that while Ohms initially embezzled relatively small amounts, his thefts escalated to the point that they were too large to conceal, at which point he abruptly resigned. As a part of his scheme, Ohms caused U.S. Lime to file false and misleading Forms 10-K and 10-Q with the Commission as well as a December 2000 registration statement for an offering of subscription rights for U.S. Lime common stock.

On November 12, 2002, Judge Sidney A. Fitzwater, United States District Judge for the Northern District of Texas (Dallas Division), permanently enjoined Ohms from future violations of the federal securities laws and from serving as an officer or director of a public reporting company. Ohms consented to the order.

 

 

http://www.sec.gov/litigation/litreleases/lr18053.htm

Modified: 03/28/2003