Doug Pielsticker had been busy leading up to his arrest.

I was going to put an app in with him

 

Daddy's money - daddy's company.

Plus I don't think it costs too much to set up as a broker, he didn't buy any "fleet" of trucks.
Just set up shop ripping off other trucking companies.

Besides all that, I'm sure he had quite a bit stashed (overseas?) from his looting of Arrow.

 

What he did to the folks at Arrow was beyond criminal. It was absolutely unconscionable and reprehensible. The fact that he was somehow able to start multiple new trucking companies after that debacle just boggles my mind completely.

 

I don't know who I am more disgusted at him or his ex wife who needs a new $100,000 car every four years?

Now somebody correct if I am wrong but the indictment said he and his co-horts used company funds for personal expenses, right? I thought he was the owner correct? So essentially he IS the company so the money belonging "to the company" is really his money that he can use as he wishes?

 

In addition to having personal expenses chalked up as company expenses (which gets the attention of the IRS for tax evasion), he defrauded the bank by creating phony invoices to show higher accounts receivable in order to borrow more money. It wasn't enough to empty the company accounts, he needed more so he could live the high life.

However, I'm SURE he meant to pay it all back.

 

He is accused of looting money not "his", like employee deductions for child support, payroll taxes, lease payments, NTM money taken from drivers and other employees by not paying them, leaving them stranded with no fuel. This is money he and his cohorts had no business spending.

Though I imagine he thought exactly the way you do about the company being his own personal cash drawer.

 

ok i am confused...i KNOW i was here when this happened..but an article is saying it happened in 2009....i didnt join here til 2010? sooooo wtf ?

 

The irony is that Pielsticker's a one-percenter who tripped up. Without that trip, and some like him have while the vast majority of one-percenters do not, we would have no insight into life beyond the 99-percenters like us. Who was the banker with the $7K-$8K shower curtain?

Before I got into trucking, I held down the bond section in the Dividends Department of a stock brokerage in Minneapolis. I used to send one of the founders of 3M anywhere from $20,000 to $60,000 each month, tax-free interest on municipal bonds. 1-1/2% to 3-1/2% interest.

I physically clipped all the coupons that came due each month off all the bonds we held in the vault and made sure the appropriate customers got credited.

And every so often a bond would come due and I'd verify when our agent in New York, Dominick & Dominick, had received the funds.

Then I'd go over to a typewriter, keystroke out a check. It might be $500,000 or $2 million, call the other side of the cage and alert them to the check number and the accounts, put the check into an envelope, seal it and drop it in the mail. Simple as that.

Back then the daily interest on $100,000 was $25/day. If it took 3 days for the check to arrive in St. Paul, get cashed and cleared, we made $125 x 3 days, $375 on the float. Covered my pay for the week and then some. Early 70's.

He was our biggest customer and did 10% of his business with us.

Try wrap your head around that...