Former Arrow Trucking CEO Indicted on Multiple Fraud Charges
Former Arrow Trucking Co. CEO Doug Pielsticker pulled hundreds of thousands of dollars from company accounts to pay for his wedding and luxury cars in connection with a multimillion-dollar bank and tax fraud, according to a federal indictment unsealed in U.S. District Court earlier this month.
The indictment charges Pielsticker, 46, with one count of conspiring to commit bank fraud, 15 counts of bank fraud, one count of conspiring to defraud the Internal Revenue Service, three counts of tax evasion and three counts of failing to account for and pay payroll taxes.
The indictment also accuses Pielsticker and the carrier’s chief financial officer of conspiring to create fraudulent invoices that inflated the amounts due to Arrow.
The Tulsa, Oklahoma, motor carrier grew from a small operation in 1950 to become a thriving family business with nearly 1,400 trucks by the time it filed for bankruptcy in January 2010, listing $8 million in assets and $98 million in liabilities.
In December 2009, the carrier left hundreds of its drivers stranded on highways across the United States after a Utah bank voided company fuel cards.
Pielsticker was taken into custody and arraigned in Dallas earlier this month.
If convicted, Pielsticker faces a maximum penalty of not more than 30 years in prison and a fine of $1,000,000 for each of the bank fraud-related counts, and up to five years in prison and a fine of $250,000 for each tax-related count.
