Nathan Michael Keays, $3M Defraud Scheme, Alaska 2024

A federal jury in Anchorage, Alaska has found Nathan Michael Keays, 44, guilty of defrauding ConocoPhillips of more than $3 million.

Keays, a former employee of Eco Edge Armoring LLC, a foam insulation business, conspired with Forrest Wright, a ConocoPhillips employee, to use the company to approve contracts for goods and services that were never provided.

The scheme, which started in 2019, saw Keays and Wright obtain more than $3.2 million from fraudulent bills. Wright pleaded guilty in March 2021 and is scheduled to be sentenced in May 2024.

Keays was convicted of one count of conspiracy to commit wire fraud, 11 counts of wire fraud, one count of conspiracy to commit money laundering, and 11 counts of money laundering.

Keays received $3,087,720 in electronic payments from ConocoPhillips for the fraudulent material and labor through a bank account for Eco Edge Armoring LLC. He split the proceeds with Wright by issuing checks to Spectrum Consulting, a shell entity created by Wright. In total, Keays personally received more than $1.4 million.

Keays used the proceeds of the scheme for personal expenses, including paying off loans, purchasing real estate, and buying cryptocurrency.

The FBI Anchorage Field Office investigated the case, and Assistant U.S. Attorneys Michael Heyman and James Klugman are prosecuting the case.

“This successful conviction represents closure in a complex white-collar crime case and demonstrates that no one is above the law,” said U.S. Attorney S. Lane Tucker for the District of Alaska.

“To anyone thinking of committing a financial crime, know that my office, in collaboration with our law enforcement partners across the state, will work vigorously to find you and prosecute you to the furthest extent of the law,” Tucker added.

The case serves as a reminder that the FBI and its partners will continue to investigate and hold accountable those who engage in fraudulent schemes for personal gain.

Nathan Michael Keays is scheduled to be sentenced in the coming weeks. The exact date has not been confirmed.

Related Federal Cases