On April 3, 2019, DOJ officials announced the indictment of the former CFO of publicly traded trucking company Roadrunner Transportation Systems, Inc. (“Roadrunner”) on numerous charges in connection with an alleged securities and accounting fraud scheme that resulted in the loss of over $245 million in shareholder value. According to the indictment, former CFO Peter Armbruster and two former controllers of Roadrunner’s Truckload operating segment, Mark Woglsand and Bret Naggs, carried out a scheme to mislead the company’s shareholders, regulators, external auditors, and the investing public about Roadrunner’s financial condition between 2013 and 2017. Wogslund and Naggs were previously charged in June 2018. Roadrunner announced in January 2017 that it would restate previously reported financial results, and in early 2018 issued restated financials for nearly three years, acknowledging weaknesses and management overrides of internal controls.
United States v. Naggs, No. 18-cr-130 (E.D. Wisc.)