The U.S. Securities and Exchange Commission has reached a settlement in its civil case against former Celadon Group Inc. executives Eric Meek and Bobby Peavler, who were both accused of engaging in fraud before the Indianapolis-based trucking company filed for bankruptcy and ceased operations in 2019.
The Court of Appeals of Indiana has reversed a decision against the now-bankrupt Celadon Group, forcing a trucking company that tried to purchase certain assets from the Indianapolis-based business to refile its complaint in the state of Delaware.
The ongoing pandemic has created another delay in the long-pending fraud trial of two former Celadon Group Inc. executives.
More than two years after they were indicted on multiple fraud charges, two former Celadon Group Inc. executives are soon to have their day in court — if the pandemic allows it.
The remainder of a multi-million-dollar judgment won by Cohen & Malad against the former Celadon Trucking Services is providing welcome support to civil legal aid in Indiana.
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.”
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)?
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.