* Oklahoma - Arrow Trucking CEO sent to prison for fraud, tax evasion
-- The executive at the heart of the collapse of a trucking company that left drivers stranded and freight abandoned across the country is headed to jail. A federal judge last week sentenced Doug Pielsticker, the former CEO of Arrow Trucking, to 90 months in prison for tax evasion and fraud... The seven-and-a-half-year sentence comes with a $1 million fine and an order to pay $21 million to the Internal Revenue Service and Transportation Alliance Bank of Ogden, Utah. In his sentencing plea, Pielsticker reportedly denied responsibility for the collapse of Arrow, which was founded by his late father, Jim Pielsticker. He placed the blame on subordinates... Jonathan Moore, Arrow’s former CFO, also admitted to conspiring with Pielsticker and defrauding TAB in a plea deal. Moore is scheduled to be sentenced Oct. 16, the Tulsa World reports... Arrow shut down Dec. 22, 2009, a day after TAB cut off funding. That shut off company fuel cards, which meant hundreds of truck drivers had a struggle getting home and getting paid. Many drivers were later reimbursed from the company’s estate...
(Photo) -- Tulsa, OK, USA - JOC by William B. Cassidy - Oct 15, 2015Labels: trucking industry news USA
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