Former Transportation Company CFO Ordered To Pay Restitution for Misleading Shareholders
On June 21, 2022, the U.S. District Court for the Eastern District of Wisconsin ordered Peter R. Armbruster, former Chief Financial Officer (CFO) of Roadrunner Transportation Systems Inc., to pay $1,142,597.50 in restitution in connection with a sophisticated accounting fraud scheme. The restitution amount included a payment of $35,871.58 to individual victims.
According to court documents, Armbruster participated in a scheme to falsify financial statements of a publicly traded company for the third quarter of 2016. Additionally, between 2014 and 2017, the CFO engaged in a scheme to mislead Roadrunner’s shareholders, independent auditors, regulators, and the investing public about the company’s true financial condition. The CFO’s actions resulted in at least $7 million in overstated accounts on the balance sheet for one of Roadrunner's largest operating companies, Roadrunner Intermodal Services Inc. Armbruster purposefully falsified books and records to boost the company’s financial profile.
DOT-OIG conducted this investigation with the Federal Bureau of Investigation with assistance from the Securities and Exchange Commission.