UPDATE: Former Celadon COO, CFO indicted on multiple fraud charges

The former chief operating officer and chief financial officer of Indianapolis-based trucking firm Celadon Group Inc. have been indicted for their alleged roles in what the U.S. Department of Justice describes as a “complex securities and accounting fraud scheme that resulted in a loss of more than $60 million in shareholder value.”

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Are additional Celadon execs in prosecutors’ sights?

Federal prosecutors in late April accused the Indianapolis-based trucking company Celadon Group Inc. of engineering a sweeping accounting fraud that hid losses in the tens of millions of dollars, and they announced a felony charge against one of the company’s former executives. But if the fraud was so sweeping, why did prosecutors charge just one person and spare other former top executives (at least so far)?

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Celadon ordered to pay $42 million after admitting securities fraud

Indianapolis-based trucking company Celadon Group Inc. has agreed to pay $42.2 million in restitution to settle securities fraud charges announced Thursday by the U.S. Department of Justice. Under the settlement, the company acknowledged “filing materially false and misleading statements to investors and falsifying books, records and accounts,” federal prosecutors said.

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