A 48-year-old man, Jason Matthew Babb, has been arrested for allegedly stealing over $680,000 from a Midland company to cover his gambling debts. Babb, the former controller of Slater Controls Inc., is charged with a first-degree felony theft exceeding $300,000.
According to the Midland County Sheriff’s Office, the company owner reported that Babb misappropriated funds during his tenure. Babb was terminated in June after the discovery of the theft. Initially, the stolen amount was estimated at approximately $663,000, but a third-party forensic audit later raised that figure to more than $680,000.
The investigation revealed that Babb’s unauthorized transactions date back to January 2022. The company identified several withdrawals labeled as equipment expenses, which were actually transfers made through ACH wire transactions to conceal the theft.
On March 24, Slater Controls’ CEO and president confronted Babb during an office interview, recording the conversation. Babb admitted to the theft and cited a gambling problem as the motive.
An interview on April 23 with a Texas Ranger and a sheriff’s deputy, alongside Babb and his attorney, confirmed that Babb had been responsible for handling accounting and tax filing since January 2021. Babb explained that he initially took small sums to repay gambling debts but eventually stole larger amounts — sometimes up to $20,000 every few days or weeks.
The forensic audit conducted by DFG Forensic Accounting Services found that Babb made unauthorized ACH disbursements totaling $665,939.50 and disguised $17,695.00 in payments, bringing the total stolen amount to $683,364.50.
In Texas, theft exceeding $300,000 is classified as a first-degree felony, punishable by 5 to 99 years or even life in prison. Babb is currently out on a $500,000 bond pending further legal proceedings.