Defunct publisher’s Oklahoma properties go to auction
The Associated Press and The Journal Record - May 15, 2018 3:14 pm
Office buildings sit empty at 464 N Financial Terrace on Monday, May 14, 2018 in Mustang, Oklahoma. (Emmy Verdin/Photographer)
OKLAHOMA CITY (AP) – Authorities in central Oklahoma are selling five properties associated with a defunct publishing company and its executives accused of embezzlement.
The Journal Record reports that the properties in Mustang and Yukon have a total appraised value of about $1.2 million. Minimum bids at the June 11 auction begin at two-thirds the appraisals.
The properties come from an October lawsuit filed by BancFirst seeking priority over Tate Publishing assets to pay off mortgage default balances worth nearly $700,000.
Richard and Ryan Tate face felony embezzlement, extortion and racketeering charges. An investigation by the state’s attorney general reveals the father-and-son operators had been transferring money from book and music publishing deals to their personal checking accounts for dining- and entertainment-related expenses.
The men are scheduled for a preliminary hearing Wednesday.