Jimmy Wayne Smith, 37, of Oklahoma City, orchestrated a multi-year wire fraud scheme that siphoned hundreds of thousands of dollars from his employer, Aggreko Cooling Tower Services, before pleading guilty in federal court.
Smith, who worked as an operations coordinator at ACTS in Chickasha from 2012 until June 2017, exploited his position to create a shell company called Axial Electric, allegedly based in California. He used the fake entity to reroute equipment orders, directing ACTS vendors to purchase gear from Axial and invoice the company directly—equipment that never made it to ACTS.
According to federal charges filed April 12, 2019, Smith manipulated the supply chain so vendors would pay Axial Electric, which he controlled. The scheme funneled money through third parties, masking his theft while ACTS unknowingly footed the bill for services and products it never received.
On April 29, Smith appeared before Chief U.S. District Judge Joe Heaton and entered a guilty plea to one count of wire fraud. In his plea agreement, he admitted to causing $228,192.32 in losses to Aggreko Cooling Tower Services. The total financial impact, including losses suffered by vendors, does not exceed $495,601.83.
Smith now faces up to twenty years in federal prison and a fine of up to $250,000. Sentencing is scheduled for approximately 90 days out and will consider the full scope of his fraud. He may also be subjected to up to three years of supervised release and is required to pay full restitution.
The FBI Oklahoma City Division led the investigation into Smith’s fraudulent operation. Assistant U.S. Attorney William E. Farrior is prosecuting the case. Court filings contain additional details about the scheme and its fallout.
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Key Facts
- State: Oklahoma
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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