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SEC Sues Trucking Co. Exec Over Vehicle-Swapping Scheme

SEC Sues Trucking Co. Exec Over Vehicle-Swapping Scheme

By Reenat Sinay of Law360.com The president of a major trucking company subsidiary defrauded investors by hiding losses through a truck-swapping scheme and false financial reports, according to the U.S. Securities and Exchange Commission's suit filed in Indiana federal court Thursday. Danny R. Williams carried out the deceptive transactions in 2016 and 2017, when he was the head of Quality Companies LLC, a subsidiary of the Indianapolis-based Celadon Group Inc., which operates shipping lines in the U.S., Canada and Mexico, the SEC said. In order to avoid a write-off when Celadon wanted to offload old vehicles, Williams swapped 900 of Quality's old trucks...

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