Two former top executives of trucking company Celadon Group face civil and criminal charges for their participation in an accounting fraud scheme that inflated the company’s income and earnings per share.
The charges, announced Thursday, follow a settlement Celadon reached with the Securities and Exchange Commission in April, in which it agreed to pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records, and accounts. It also entered a five-year deferred prosecution agreement with the Department of Justice.
