Federal prosecutors were set to indict former Arrow Trucking Company CEO Doug Pielsticker on fraud and conspiracy charges on Friday, Dec. 5. Pielsticker spent Thursday night in a Dallas jail on an undisclosed charge and was scheduled to appear before the U.S. District Court for the Northern District of Texas according to the FBI.
The Tulsa World reported this week that another former Arrow Trucking Co. executive, Jonathan Leland Moore, struck a plea deal with prosecutors that fingers Pielsticker as a fraud conspirator.
Arrow Trucking Co. closed its doors abruptly just before Christmas in 2009, stranding hundreds of drivers without paychecks, fuel cards or the means to get home to their families.
Pielsticker filed for bankruptcy protection from creditors soon after the shutdown.
Doug Pielsticker, now 46, was named CEO of Tulsa-based Arrow Trucking Co. after his father and prominent Tulsa businessman Jim Pielsticker was killed in a plane crash in 2001.
Much has been alleged and written about how the younger Pielsticker ran the company, how he spent large sums on cars, an airplane and vacation property and left his drivers hanging at the end.
Former company drivers filed a lawsuit in 2011 seeking restitution for what they were owed. Deliberations revealed that Pielsticker and his mother Carol Pielsticker Bump had been living high on the hog and spending lavishly even as their company was going down the tubes.
According to the lawsuit, Doug Pielsticker allegedly misreported company assets to banks in an effort to obtain loans.
The trustee in the lawsuit, Patrick Malloy, estimated that Arrow Trucking Co. had $8.5 million in assets but owed $99 million to creditors.
The suit alleged that Pielsticker fraudulently transferred $8.4 million to himself “disguised as salary” while Bump received $4.4 million.
Pielsticker and Bump agreed to settle the civil suit with the trustee who distributed more than $2 million to 550 former company drivers.
In November 2010, prior to the civil suit being filed, Doug Pielsticker was arrested on a bad-check warrant during a traffic stop. His attorney managed to get a felony charge dropped after Pielsticker agreed to send $1,200 to former Arrow Trucking Co. driver Denny Carter who had pursued charges against his former boss.
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