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April 8, 2005

Former Seitel CEO Paul Frame convicted

Seitel logo.gifPaul Frame, the former CEO of Houston-based geophysical seismic company Seitel, Inc., was convicted yesterday by a jury in Houston federal court of of swindling $750,000 from the company to settle a civil lawsuit that his former fiancee had filed against him. Here is a previous post on Mr. Frame's indictment on those charges.

In an unusual move, U.S. District Judge David Hittner ordered Mr. Frame taken away by U.S. Marshals and placed in the Federal Detention Center in downtown Houston after the verdict rather than allowing him to remain free on bond pending sentencing. Prosecutors had requested a small increase in his bond, but had not opposed Mr. Frame's release pending sentencing. Sentencing is scheduled for July 7, and Mr. Frame faces up to 20 years in federal prison.

Seitel emerged earlier from a chapter 11 case in 2004 that was commenced in 2003 several months after Mr. Frame had been terminated as the company's CEO amidst revelations of his use of corporate assets for personal purposes and accounting issues regarding the value of Seitel's primary asset, which is its library of geophysical seismic data.

Posted by Tom at April 8, 2005 6:42 AM |

Comments

Just read the news. People like Paul deserve to spend time. Can you send me any additional information on the Seitel case.

Posted by: Samuel Boyarsky at April 13, 2005 10:40 AM

i was a roomate of paul frame's son back in 2002 and 2003. it was definitely a new experience. i have never been around people who spend money like it never runs out. it is a surpise to find out about mr. frame actually being convicted. i am interested in how this case is going to turn out. i wonder if he actually going to see the inside of a prison cell. it awlays seems to me that if someone is guilty of a "white collar" crime, they get away with little punishment. please keep me posted.

Posted by: fp at May 19, 2005 11:40 AM

Did Mr. Frame ever get sentenced?I have not seen any news about it since conviction.

Posted by: Charles at September 7, 2005 6:23 PM

Mr. Frame, who is presently in jail pending sentencing, was scheduled to be sentenced on September 13. His attorneys have requested a short delay (10-14 days) in the sentencing hearing. Judge Hittner normally is not inclined to grant such continuances.

Posted by: Tom K. at September 7, 2005 6:41 PM

I had the pleasure of spending a lot of time with Paul Frame and I found him to be a very nice guy. He would do anything for you and had a fantastic sense of humor. I miss spending time with and wish him well. His lawyer is a vile human being that will spend all of eternity in hell

Posted by: noname at May 4, 2006 4:22 PM

so is paully in Jail or not....& he was not a very ethical person either.

Posted by: tigger Author Profile Page at December 21, 2006 4:52 PM

hi
mr frame DID get sentenced to five or six years; he spent 3-4 months in houston at lock up but ended up at FCI BASTROP for three years or so. he qualified for the drug program and is now very close to being discharged from prison

Posted by: fred hard Author Profile Page at December 22, 2008 10:48 AM

I worked for Paul Frame and doubt few people will ever be as egotistical and evil-hearted as him. His business activities killed Seitel and ruined many lives, much like Enron. He needs to stay in prison.

Posted by: BizCPA Author Profile Page at February 8, 2009 10:52 PM

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