Stabil Drill Executives Sued In Fraud Case

A civil suit has been filed by Houston-based Superior Energy Services and SESI naming Stabil Drill executives Martin A. LeBlanc and Christopher J. Russo as two of three men who allegedly defrauded them of more than $65 million.

In this article by theadvertiser.com, Stabil's chief financial officer LeBlanc, chief operating officer Russo and Scott Kerstetter, also of Lafayette, allegedly used their positions at the Lafayette-based company to bilk money from Superior and SESI (Superior's parent company) by creating a "sham" company, Laguna Oil Tools, and using real ones, in a complex scheme over the last eight years. Kerstetter is accused of "superfically own(ing)" Laguna to funnel money to himself, LeBlanc and Russo, allegedly.

In all, 15 counts of wrongdoings have been brought by Superior Energy Services and SESI against Stabil Drill, whose office declined comment to KPEL News.

Chris Russo, meanwhile, is giving a $5 million private donation to UL-Lafayette to name Russo Park in honor of their family. UL Athletic Director Scott Farmer told The Advertiser they don't expect this lawsuit to impact the Russo's personal donation.

As of this writing, Superior has not returned our calls seeking a statement.