The former boss who pulled the plug on Tulsa-based Arrow Trucking Co. and stranded drivers without pay or fuel cards just before Christmas in 2009 was expected to change his plea in court Wednesday to guilty on two of the counts against him. Doug Pielsticker initially pleaded not guilty on 23 counts of conspiracy to commit fraud and tax evasion.
According to reports, Pielsticker will be sentenced on March 12.
Prosecutors indicted the former CEO in December 2014 after he was arrested by Dallas police on Dec. 4. According to the indictment, Pielsticker conspired to defraud Utah-based Transportation Alliance Bank out of $15 million by misreporting company assets to the bank in an effort to secure loans.
Pielsticker, who is from Tulsa, Okla., but lives in Dallas, posted $50,000 bail and has been a free man pending the outcome of the criminal case.
Doug Pielsticker shut Arrow Trucking Co. down without warning to drivers on Dec. 22, 2009, and later declared bankruptcy.
Many drivers were stranded without pay or fuel cards to get home or back to a terminal. Some were forced to abandon their trucks and relied on a generous outpouring from fellow truckers and the public to get home and back on their feet.
According to a civil lawsuit filed against Pielsticker in 2011 and later settled, Arrow Trucking Co. had $8.5 million in assets but owed $99 million to creditors.
Pielsticker and his mother, Carol Pielsticker Bump, allegedly spent large amounts of company money on themselves even as Arrow Trucking Co. was struggling to make ends meet.
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