Former CFO for Continental Express sentenced for fraud

| Tuesday, March 10, 2009

The former chief financial officer of one Arkansas-based motor carrier has been sentenced to 16 months behind bars. Todd Tiefel was sentenced this past week to serve 16 months in prison for defrauding Continental Express, a Little Rock-based carrier that was recently purchased by Celadon, of nearly $600,000.

The Arkansas Democrat-Gazette reported that Tiefel was sentenced to 50 percent less time than is recommended by federal sentencing guidelines because he provided “extremely beneficial” information and testimony leading to the January conviction of Kelly Wooldridge, former president of Continental Express.

Wooldridge was convicted of mail fraud conspiracy for defrauding the company and former owner Ed Harvey of $872,000 between November 2002 and May 2005, the Democrat-Gazette reported.

Tiefel and Wooldridge siphoned Continental Express money after the pair set up personal bank accounts under company names that appeared to be “legitimate business accounts,” the newspaper reported.

Tiefel was ordered to pay $557,899.46 in restitution to Continental Express and $25,000 to its former owner, Harvey.

 

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