Raymond Samuels pleaded guilty Thursday to a federal charge of committing a wire fraud scheme involving the unauthorized sale of a pumping unit.
During his plea hearing, Samuels, 63, told U.S. Magistrate Judge David Counts that he fraudulently sold a pumping unit he had removed from a site in Loving County to a buyer in Oklahoma in Devember 2009.
Samuels was doing business for R.J.'s Used Oil and Gas Equipment in Midland at the time of the incident.
The owner of the pumping unit Samuels took -- Mexco Energy Corporation -- gave Samuels permission to remove the pumping unit from its Loving County site, but not to sell it.
Samuels ignored their instructions and sold the unit -- which was worth $40,000 at the time -- to a buyer in Oklahoma. Samuels also admitted to faxing an invoice for the sale from Texas to Oklahoma.
Now, Samuels faces up to 20 years in federal prison and a $1 million fine. He'll need to pay full restitution as well.
Samuels will be sentenced in May.