Executive at former Canadian energy star Poseidon Concepts sentenced to three years in prison for fraud

Joseph Kostelecky, Poseidon’s former top U.S. executive, pleaded guilty in October to falsely reporting approximately $100-million in revenue from purported long-term contracts with oil and natural gas companies that were said to be Poseidon’s customers.

Poseidon emerged as a Canadian energy star in 2011 with a mission to build and test a new fracking-fluid storage system that was originally designed to save its former parent company, Open Range Energy Corp., money at its own drilling sites. Poseidon’s novel storage products, meanwhile, could hold much more liquid, and often took only a few hours to set up using the company’s patented bolt-free installation system. Because the tanks were much safer than pits, they usually didn’t require permits.

Canada. Home to the world's scammers.

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