It’s a popular belief that a little greed is necessary to make it to the top. And that might be the case, but unchecked greed is a sure fire way to find the bottom again. Just ask the former company heads of USA Dry Vans, Dart Trucking Of Ohio, and Songbird Trucking in Tennessee. Three different means to the same scandalous ends.
First up: USA Dry Vans
There are 3 possible jailbirds in this scandal. Sergio Lagos, Aurelio Aleman, and Oscar Barbosa were all arrested earlier this month after charges of committing wire fraud and conspiracy to commit wire fraud. Along with that major discretion, the men also blatantly lied to lending company, GE Capital Corporation. By making the lenders believe their profits were higher than they really were, the men obtained money and financing they shouldn’t have qualified for. All of these illegal operations allegedly took place between March of 2008 and January of 2010. Clearly, these 3 no longer work for USA Dry Vans. Now, there’s a new set of leaders attempting to navigate the company through the waters of Chapter 11 bankruptcy. The indictment the men are charged with has six counts that each carry a maximum 20 year prison sentence and $250,000 fine. Stay tuned to see what punishment befalls these white collar criminals.
Next we have: Dart Trucking
At Dart Trucking in Columbiana Ohio, 3 other money hungry men are facing prison time for their unique way of finding funding. The men took part in what is known as a check-kiting scheme. Basically, they took advantage of the time that exist between a check being written and it being cleared. They would write checks from accounts with insufficient funds and then write other bad checks from different accounts to cover the previous ones. This ponzi like scandal went on from October of 2007 to February of 2010. Apparently, every day at the office involved a strategy game of which bad checks would cover which new purchases. Nearly 3 years and 5 fake accounts later, the truth came out. So far the only man sentenced is Mark Michael, the chief financial officer. He earned 30 months in prison for his role in the schemes. The other two men, Timothy Kephart and Lee Stoneburner, still await their sentencing.
Last, but not least: Songbird Trucking Company
William Michael Martin, former owner of Songbird in Algood Tennessee, had such a strong desire for money he stole from his own employees. When they gave him money for their 401(k)s or insurance plans, he pocketed it! Supposedly, he took over $10,000 each from the 2 plans. His illegal activities spanned from January of 2008 to April of 2009. Martin’s sentence is 5 years of judicial diversion. Along with his
slap on the wrist, probation, he will no longer be allowed to administer employee’s benefit plans in any way.
It’s clear scandal runs through every industry, but its always a bit sobering to see it so deeply in your own field. So keep your employers close and your bank account closer, or you might wind up getting swindled by the greedy and power hungry.
Tags: Dart Trucking
, Songbird Trucking
, trucking companies
, USA Dry Vans