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BANKRUPTCY & FRAUD * USA - Bank sues Arrow Trucking for $12.5M
Bank alleges the flatbed carrier conducted a fraudulent scheme
Ogden,Utah,USA -eTrucker, by Jill Dunn -20 Jan 2009: -- In a lawsuit against Arrow Trucking, a bank alleges the flatbed carrier conducted a fraudulent scheme to overbill the institution and appropriated federal and state tax obligations for its own use... On Jan. 8, Ogden, Utah-based Transportation Alliance Bank sued the family-run trucking company for $12.5 million in U.S. District Court for the Northern District of Oklahoma. Defendants include Carol Pielsticker, director and chairwoman, and Doug Pielsticker, former chief executive officer and president... When TAB began investigating billing discrepancies in July, unidentified accomplices of Arrow Trucking posed as customers to verify information to the bank. The discrepancies occurred when the carrier would submit an invoice to a customer and then provide the same invoice for a higher amount to TAB, keeping the difference, the plaintiff alleges... The suit also alleges Arrow misappropriated state and federal tax money and withheld for its own use $9 million in Social Security and Medicare taxes...
Labels: trucking bankruptcy
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