Former Arrow Trucking CEO Accused Of Fraud, Tax Evasion

Recently, the indictment against the former head of Tulsa's Arrow Trucking was unsealed. The 23-count indictment accuses Doug Pielsticker of bank fraud, tax fraud and tax evasion.

The indictment accuses Pielsticker of cheating the government and his bank out of nearly $20 million. As a result, 1,000 employees were left with nothing, while Pielsticker lived a lavish lifestyle.

Federal prosecutors said he and Chief Financial Officer, Johnathon Moore, withheld federal taxes on the employee's paychecks - things like Medicare and social security - but instead of sending that money to the IRS, they spent it on their personal living expenses, to the tune of $5 million.

12/4/2014 Related Story: Former Arrow Trucking CEO Arrested In Dallas

They said Pielsticker also avoided paying his personal taxes for three years, spent money on his own wedding, at Bruce Weber and bought a Maserati and a Bentley.

The indictment said Pielsticker and Moore also submitted fake and greatly exaggerated invoices to their bank, totaling $15 million.

Once the bank figured out the scheme in 2009, it pulled its money and the company shut its doors with no warning, leaving 1,000 employees with no money or explanations,.

It happened right before Christmas, and truckers were stranded all over the country with no way to get home.

Bliss Wayland was the driver manager at the time. She said it was a stressful, painful time.

"More hurt, basically because they made it seem like they didn't care about us, ‘we're shutting down, please leave.' It was simple, like that," Wayland said.

She said employees got the money they were owed about 18 months later and said she hopes whoever committed a crime pays for it, but it does no good to be bitter or linger over it.

"You just have to put one foot in front of the other and move on," she said.

The investigation took five years.

After Pielsticker's arraignment Friday afternoon he was handed over the Oklahoma FBI.

At the time all this happened, Pielsticker blamed it all on the CFO. Moore recently plead guilty to conspiracy to defraud the U.S. and to commit bank fraud.

Pielsticker has since filed for company and personal bankruptcy and court records show there is a separate warrant for him being $400,000 behind on his child support.

If convicted, the bank fraud charges carry up to 30 years in prison and the tax counts, up to five years.