An Oklahoma manufacturing firm claims former company president, Phil Albert, embezzled at least $7.4 million from Pelco Structural.
Albert recently filed suit against Pelco, claiming he was wrongfully terminated in April 2019. The allegations against him are contained in a countersuit filed by Pelco.
The Pelco lawsuit against Albert claims he and the former controller for the company, Don Eagleton, worked together to siphon money through overpaid salaries, cash advances, loans, and credit cards while hiding it from the company, investors and the government.
Pelco manufactures steel poles for traffic signals, lighting, and communications. Albert is a co-founder of the company. He also is a part-owner of the property where Pelco Structural operates.