Former Halter Marine executive Fred May was sentenced to 22 months in federal prison and three years of supervised release for his role in a six million money laundering scheme. May, one of the company founders, was sentenced Monday along with James Larry Favre, a former Halter Marine yard manager. Favre, of Kiln, was sentenced to one year in prison and three years of supervised release. Both men were ordered to pay over 1.6 million dollars in restitution by U-S District Judge Walter J. Gex the Third.
As part of the sentencings, May forfeited 725,000 dollars to the federal government. Favre was fined over 226,000 thousand-dollars. The scheme, from November 1995 to April 1999, involved shell companies that were awarded barge painting contracts that were paid through Halter Marine accounts. May, of Pass Christian, and Favre are two of five men who pleaded guilty in February to conspiracy to commit fraud and money laundering charges.