VECO Corporation was an American oil pipeline service and construction company until its purchase in September 2007 by CH2M Hill.
Although ADN publisher Mike Sexton said the decision had been made a week prior, he was quoted a few days before this announcement as saying the situation was still under review.
The International Herald Tribune reported on September 3, 2008, "As Palin campaigned unsuccessfully in 2002 to become lieutenant governor, she received contributions from executives at VECO Corp., a powerful Alaska oil field services company.
Allen admitted that he had given executives money to be contributed in his "bonus" program though he denied knowing that the laundering was illegal.
[6] Also named in the search warrants were VECO officers Bill J. Allen, Rick Smith and Pete Leathard.
On May 7, 2007, VECO CEO Bill Allen and Vice President for Community & Government Affairs Rick Smith pleaded guilty in U.S. District Court in Anchorage to charges of extortion, bribery, and conspiracy to impede the Internal Revenue Service.
In the May 7 guilty pleas by Allen and Smith, they admit that the only work done by Senator B in exchange for the funds was advancing VECO's agenda in the state legislature.
[11] On July 24, 2007, The Wall Street Journal reported that Representative Don Young was under federal investigation for possibly taking bribes, illegal gratuities or unreported gifts from VECO.
[13] Alaska State House representatives Beverly Masek, Pete Kott, Bruce Weyhrauch and Vic Kohring were all charged with federal crimes as part of the investigation into VECO.
On May 29, 2007, the Anchorage Daily News reported that the FBI and a federal grand jury were investigating an "extensive" remodeling project at Senator Ted Stevens' home in Girdwood, Alaska.