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Printer Accused of Financial Misdeeds

February 2008
SEGUIN, TX—The former leader of two media-based companies, one of them a printing plant, has been charged with first- and third-degree felonies, including misusing employee 401(k) plans and providing false information to a bank, the Austin Business Journal reported.

James Michael Story was indicted in Guadalupe County Court on charges that he misused in excess of $20,000 from the 401(k) plans between 2003 and 2006, according to the paper. Story owned Story Communications (now defunct) and its printing branch, Webstar.

Story, a general partner in the former Seguin Media Group, is also accused of illegally transferring funds between the bank accounts of Seguin Media Group and Story Communications.

In addition, he reportedly falsified accounts receivables records to secure a $700,000 revolving line of credit from a local bank to keep Story Communications afloat.
 

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