Two former executives for Superior Energy Services subsidiary Stabil Drill Specialties in Lafayette are accused of setting up sham companies to rob Superior of tens of millions of dollars over eight years, according to a lawsuit filed in Houston.
The lawsuit, filed by Superior attorneys last week, accuses longtime Stabil Drill executives Martin A. LeBlanc and Christopher J. Russo of stealing from the companies. LeBlanc and Russo are Lafayette residents.
A Stabil Drill employee at the company’s Lafayette office said Monday evening that LeBlanc and Russo are no longer employed there. Other efforts Monday to contact the men were unsuccessful.
The suit also names Youngsville resident Scott Kerstetter, along with Daniel Anthony, of Texas, and Mike Sheffield, of Oklahoma, as defendants.
According to the suit, filed in Texas state court in Harris County, LeBlanc and Russo “engaged in a complex scheme of self-dealing primarily by creating separate but interwoven corporate entities (which they owned or controlled) to overcharge Stabil Drill for goods and services … and to benefit themselves by being on both sides of various transactions.”
The suit also alleges LeBlanc and Russo had help in their alleged “nefarious conduct” — from defendants Kerstetter, Anthony and Sheffield.
Superior said in the suit that the scheme was discovered earlier this year in an internal investigation initiated after LeBlanc and Russo submitted corporate disclosures that looked suspicious.
The investigation found that LeBlanc and Russo “directed the payment of more than $65 million over the course of a number of years to various entities owned and/or controlled by them or their co-conspirators,” according to the suit filed April 19.
The suit also lists the companies that Superior alleges were set up by LeBlanc, Russo and Kerstetter, including Laguna Oil Tools LLC, which was paid $38.7 million by Stabil Drill.
Superior is a publicly traded company that on Monday was valued at over $2.3 billion.