Celadon Group, INC. Enters Into Corporate Resolution For Securities Fraud and Agrees to Pay $42.2M

[TexasTowelie]

Celadon Group, INC. Enters Into Corporate Resolution For Securities Fraud and Agrees to Pay $42.2 Million In Restitution


Celadon Group, Inc. (Celadon) has agreed to pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records and accounts.

Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Josh Minkler of the Southern District of Indiana, Special Agent in Charge Grant Mendenhall of the FBI’s Indianapolis Field Office and Inspector in Charge Delany De Leon-Colon of the U.S. Postal Inspection Service (USPIS) made the announcement.

Celadon, a transportation company headquartered in Indianapolis, Indiana, that was listed on the New York Stock Exchange (NYSE), entered into a deferred prosecution agreement (DPA) in connection with a criminal information filed today in the Southern District of Indiana charging the company with securities fraud. The case was primarily focused on the fact that Celadon knowingly filed materially false and misleading statements to investors and falsified books, records and accounts with regard to the values of assets involved in four trade transactions that were recorded at inflated values and not fair market value.

“Celadon executives misled the investing public for a simple reason: profit,” said Assistant Attorney General Benczkowski. “Securities fraud harms all investors — from the most sophisticated to those everyday Americans saving for retirement, and the Criminal Division remains committed to investigating and prosecuting these complex crimes.”

Read more: https://www.justice.gov/usao-sdin/pr/celadon-group-inc-enters-corporate-resolution-securities-fraud-and-agrees-pay-422

[nitpicker]

1. Link to additional SEC action

https://www.sec.gov/news/press-release/2019-60