May 16, 2022

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Omaha-based roofing company under investigation, accounting screams improprieties

OMAHA, Neb. (WOWT) – In a 6 On Your Side exclusive, startling discoveries by accounting experts investigating the financial collapse of a multi-million dollar Omaha-based company.

Xcel Roofing had customers in five states and many paid for work that never got done.

Last April, Xcel Roofing abruptly shut down leaving Shawn Cooper without a new roof and his bank account dented by $5,000.

“And when we tried to call them out on it, they just kept giving us the run around so anything we can get back at this point would be icing on the cake,” said Cooper.

That fleet of wrapped vehicles that once filled this parking lot is all gone. Many of them sold off with the money going into a pot to help satisfy creditors.

Gale Streff isn’t satisfied with Xcel company records.

“The accounting didn’t make sense it screamed improprieties,” said Streff.

Streff’s Green Credit collection experts have been hired to find Xcel’s somewhat elusive assets.

“We uncovered there was 200 iPads purchased and there are 70 employees. And when we went to collect up on these things to resell and come up with funds to help fix some stuff, we only got like 35 back,” said Streff.

In boxes of records is evidence, hundreds of roof customers paid but in some cases, not to the company.

“A lot of old employees that went and collected up checks. And what they’re doing is the company owed me money so I’m just going to keep it,” said Streff.

But what about Xcel Roofing Owner James Harding and Manager Matt Preister named in a Missouri attorney general lawsuit.

“We didn’t. He didn’t spend a lot of money. I’ve seen his assets; I was there when he was liquating his house,” said Streff.

But the Green Credit Owner says the paper chase should go beyond his asset collection.

“We’re going to need help from law enforcement,” said Streff.

After lenders and suppliers, homeowners like Shawn Cooper are way down the repayment list. But letters have been sent to Xcel customers in Nebraska and Iowa offering the services of McCoy Roofing.

“Any of these 3,600 that the letter went out to they can call us, and we’ll fix their problems. If there’s a problem, we’ll be happy to go out there and take care of their issue at cost so materials labor. We’ll take care of them,” said Lee McCoy, McCoy Roofing.

There’s still work ahead for financial experts trying to stay on top of collecting the assets of a defunct five-state company.

“Unaccounted for misappropriated misspent. It was not tracked properly,” said Streff.

The collection agent recommended the owner of Xcel Roofing not comment about the Missouri lawsuit. A text message to the company’s manager hasn’t been returned.

The Nebraska Attorney General’s Office won’t comment on possible ongoing investigations.

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