Family-owned energy company shuts, alleged fraud investigated

A family-owned Pennsylvania energy firm has abruptly shut down, leaving about 250 workers unemployed after the brief disappearance of the company's CEO and a potential fraud involving tens of millions of dollars.

LNP reports that Manheim-based Worley & Obetz closed its doors Monday after 72 years in the residential heating oil, propane and HVAC business.

At least three local banks have told the Securities and Exchange Commission the company will have multimillion-dollar losses over fraud tied to a loan to the company. A restructuring plan to keep Worley & Obetz afloat has been rejected.

The company's long-time CEO Jeff Lyons had been reported missing May 15, but was found days later and fired.