The Morning Brew: OKC homebuilder charged; SandRidge loses big
The case centers on alleged wire fraud
A longtime homebuilder in Oklahoma City has been charged with wire fraud, accused of diverting more than $200,000 meant for a couple's custom home.
Gregory L. Cobbs, 59, owns GL Cobbs and Company, which has been in business about two decades. On Tuesday, he was charged in Oklahoma City federal court.
In 2014, a couple living in the Netherlands reached out to Cobbs about purchasing a lot and building a custom home in Oklahoma. The couple, who had been living overseas for work, planned to permanently return to Oklahoma, according to prosecutors.
After signing a lot purchase agreement, the couple wire transferred $100,000 to Cobbs in November 2014. Days later, Cobbs withdrew about $95,000, none of which went to purchase the lot or toward construction of the home, prosecutors allege.
SandRidge posts another big loss
SandRidge Energy Inc. recorded a net loss of $34.1 million in the second quarter as its directors continue to evaluate bids for the company.
SandRidge executives and directors said Wednesday they are continuing to consider offers to buy the company or its assets. SandRidge began the review process in March and expanded it in June after activist investor Carl Icahn gained control of five of the company's eight director positions.
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Video of jail inmate's death won't be released
Matt Patterson has been with The Oklahoman since 2006. Prior to joining the news staff in 2010, Patterson worked in The Oklahoman's sports department for five years. He previously worked at The Lawton Constitution and The Edmond Sun.... Read more ›