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Printer Headed to Prison

June 2009
SEGUIN, TX—Former Story Communications and Webstar Printing owner Mike Story pleaded guilty to lying to his bankers, and will serve six months "shock probation" in state prison and receive another 10 years of probation upon completing the six-month stretch, the Seguin Gazette-Enterprise reported. He has also been ordered to pay nearly $600,000 in restitution.

Story was charged with lying to his bankers about his ability to secure a $700,000 line of credit, according to the newspaper. He allegedly diverted money from a business partnership and misappropriated $25,000 withheld from the paychecks of employees, money that was supposed to be deposited into the workers' 401(k) retirement accounts.

Story will have to pay restitution of $579,000 to a bank and $14,000 to former employees whose accounts weren't sufficiently compensated.


 

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