OKLAHOMA CITY — A former research executive who was sued by Oklahoma State University after being accused of fraud has been charged with making a false statement to secure a federally guaranteed bank loan.
Daniel Keogh, 47, was charged Monday with making a false statement to acquire a $3.2 million loan from First Pryority Bank, The Oklahoman reported. The loan was 80 percent guaranteed by the United States Department of Agriculture. Keogh is the former contract operator of university-owned Multispectral Laboratories.
Keogh is accused of telling loan officers from the Tulsa area that the loan proceeds were to be used for purchasing machinery and equipment. The proceeds were used to fund research of the development of a utility-scale electromechanical battery, according to the charge filed in Oklahoma City federal court.
The felony charge states that research and developmental loans aren’t eligible for loan guarantees through USDA Rural Development program.
Keogh’s attorney, Ed Blau, said he’s expected to plead guilty. He said as part of the plea agreement, the federal government has agreed to drop its investigation into other allegations against Keogh and to not pursue additional charges.
Blau said the charges carry a maximum penalty of five years in prison. He said the decision to enter a plea was a “very tough decision” for Keogh.
“In the end, my client thought this was best for him and his family,” Blau said.
Keogh is scheduled to appear in court Sept. 22.
Information from: The Oklahoman, http://www.newsok.com