Trucking Co. Celadon To Pay $38.5M For Hiding Losses
Law360 (April 25, 2019, 10:51 PM EDT) -- Cross-border trucking company Celadon admitted to inflating the value of a subsidiary’s trucks by tens of millions of dollars and agreed to repay investors some $38.5 million in a deal that spares the company a nine-figure criminal fine prosecutors decided it can’t afford.
The Indianapolis-based company that operates shipping lines in the U.S., Canada and Mexico admitted in a settlement filed on Thursday that it inflated the value of trucks that its subsidiary Quality Companies owned in 2016. Senior managers knew the trucks were a liability at the time, according to the deferred prosecution agreement filed in Indiana federal court....
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