Freight Broker Bond Company Owner Indicted
The owner of a freight broker bond company was indicted in U.S. District Court, Los Angeles, Calif. late last month in connection with a trust fund scheme.
The owner of a freight broker bond company was indicted in U.S. District Court, Los Angeles, Calif. late last month in connection with a trust fund scheme.
Bonnie Warren, owner of Oasis Capital, of Fullerton, Calif., was indicted following the Federal Motor Carrier Safety Administration referring allegations to the U.S. Transportation Department’s Inspector General that Oasis was violating FMCSA regulations by accepting money from property brokers for the establishment of trust funds and actually using the money for other purposes.
Trust fund monies are supposed to be maintained for the purpose of providing payments to shippers or motor carriers in cases where the broker fails to carry out its contract to provide transportation services by authorized motor carriers, according to the Inspector General’s office.
It claims Oasis solicited brokers and accepted payments in the amount of $10,000 each to establish trust funds only to use the monies for other purposes.
FMCSA suspended Oasis' privileges to file trust funds on behalf of brokers and began the process of revoking the approximately 500 Oasis trust funds on file with the agency.
More Fleet Management
How Innovative Trucking Leaders Turn Change Into an Advantage
As the pace of change accelerates in trucking, the fleets that adapt best have more than the latest technology. They have cultures that embrace improvement.
Read More →
Freight Broker Bonds Just Got Harder to Get. Here's What That Means for Your Fleet.
When it gets harder for a freight broker to prove they are financially sound, the ones who cannot clear that bar get pushed out of the market. And those are exactly the brokers who used to leave motor carriers holding the bag.
Read More →
Long-Awaited Canadian Border Bridge to Open in Detroit
For trucking, the bridge opening should offer immediate improvements in efficiency and reliability, with new customs facilities, expanded inspection capacity, and direct freeway-to-freeway connections.
Read More →
Aurora Rolls Out Next Generation of Driverless Trucks for Commercial Freight
Aurora's latest autonomous trucks it's rolling out with International feature lower-cost hardware designed for a million miles as the company expands commercial driverless freight operations across the U.S. Sun Belt.
Read More →
Freight Tonnage Down, Rates up, as Lower Capacity Powers Trucking Recovery
The recovery from the freight recession continues to be driven by reduction in capacity rather than by increased demand.
Read More →
Think Your Trucking Fleet Isn't Using Much AI? Think Again
Shadow AI — the use of unauthorized artificial intelligence tools at work — is becoming increasingly common, putting sensitive company data at risk. Learn how trucking fleets can protect sensitive data while embracing AI.
Read More →
ArcBest Consolidates Brands, Cuts Workforce
The company will bring three business units under the ArcBest brand, eliminate about 2% of positions, and expects the changes to generate $40 million in annual savings.
Read More →
Trucking Fleets Faced Record Operating Costs During Third Year of Freight Recession
ATRI's annual operational cost report shows carriers trimmed fleets, delayed equipment purchases, and ran older trucks as expenses continued to outpace freight rates.
Read More →
Michelin Adds AI Assistant to MyConnectedFleet Platform
Michelin’s new generative AI tool delivers instant fleet insights, helping managers analyze fuel use, tire maintenance, vehicle status, and operational performance without manually creating reports.
Read More →
LytxOne Platform Now Features AI, Compliance, and Asset Tracking Tools
New enhancements add AI-powered insights, asset tracking, compliance automation, and configurable privacy controls to Lytx's all-in-one fleet management platform.
Read More →