The former CEO of Arrow Trucking, Doug Pielsticker, was recently indicted on 23 counts of fraud related charges
Pielsticker, as well as the company’s Cheif Financial Officer, Jonathan Moore, collected nearly $5 million dollars in payroll taxes from employees and spent it on their lavish lifestyles, instead of forwarding the tax money to the government.
As a result, over 1000 employees, including many truck drivers, were left stranded and jobless.
In addition to committing tax fraud, the company also submitted false invoices to banks and racked up nearly $15 million dollars in fraudulent loans, which they were unable to pay back.
The money was spent on a luxury wedding, high end vehicles like Maseratis and Bentleys and other pricey luxuries.
It has also been revealed that Pielsticker was nearly $400,000 behind on child support.
If convicted, he faces up to 30 years in prison for fraud.
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