Pielsticker entered his plea five years to the day after Arrow Trucking closed suddenly, stranding drivers across the country.
12/22/2009: Related Story: Calls Pour In From Companies Hoping To Help, Hire Arrow Trucking Workers
The indictment accuses Pielsticker of conspiring to commit bank fraud of at least $15,000,841.32 from May 4, 2009 to December 22, 2009. It says Pielsticker and a co-conspirator, which it does not name but describes as the company's Controller and then Chief Financial Officer, conspired to defraud Transportation Alliance Bank of Ogden, Utah.
According to the indictment, Pielsticker and the co-conspirator created and sent false invoices to the bank on a daily basis saying Arrow Trucking was due more money than it actually had earned. It goes on to say the conspirators forced Arrow Trucking employees to pretend to be customers in phone conversations with the bank to further the scheme.
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The indictment also accuses Pielsticker and the "co-conspirator A" of failing to pay federal income taxes withheld from Arrow Trucking employees for the last three quarters of 2009.
Pielsticker also took money from non-payroll accounts for his own use, according to the indictment.
The indictment says Pielsticker bought jewelry, sent payments to his ex-wife and made payments on a Porsche, Maserati and Bentley with money that belonged to Arrow Trucking.
Pielsticker also filed a false income tax return for 2007, 2008 and 2009, the indictment says. It accuses him of under reporting his wages by causing the company to pay his personal expenses.