The one-time head of the defunct Arrow Trucking has pleaded guilty to charges of tax fraud and faces many years in prison.
James Douglas “Doug” Pielsticker pleaded guilty Wednesday to federal charges of tax evasion and conspiracy to commit tax fraud, according to the Tulsa World newspaper.
In addition to facing up to 10 years in prison, he also faces heavy fines when he is sentenced on May 15.
Pielsticker was CEO of the Oklahoma-based carrier that suddenly closed just before Christmas of 2009, stranding hundred drivers across the country when their fuel cards were cut off, leaving them no way to get home.
Last December he was indicted on nearly two dozen charges or tax fraud and using company money to support a lavish lifestyle. A plea agreement has reportedly dropped the charges to just two.
According to Pielsticker’s attorney, his client was not the ringleader of the company’s downfall, with bankruptcy proceedings later showing Arrow had approximately $8.5 million in assets but nearly $100 million in liabilities. Former Arrow chief financial officer Leland Moore pleaded guilty in December to charges involving the conspiracy.
A few former Arrow employees, including truckers, attended the court proceeding and at least one of the truck drivers will be allowed to speak at Pielsticker’s sentencing hearing.
Read more about it from the Tulsa World.