A trucking company executive is facing up to 10 years in prison after pleading guilty in U.S. District Court to bankruptcy fraud.
Roger Waldner, owner and CEO of H&W Motor Express in Dubuque, IA, bought the company in 2001, and by June 2002 the company was in bankruptcy. He was indicted on 12 counts of bankruptcy fraud in 2006.
In his guilty plea, Waldner admitted he siphoned off nearly $2 million from the company, transferring the funds to other companies he owned. He then declared bankruptcy and, according to his plea, lied to creditors and the bankruptcy court about his true assets.
At one time, H&W had offices in nine states, but scores of employees lost their jobs and their pensions because of the scheme.