An Illinois-based shipping and logistics company accused of engaging in a multiyear accounting fraud scheme avoided further penalties after the Securities and Exchange Commission (SEC) deemed a $20 million class-action settlement agreed to in 2019 returned any ill-gotten gains.
Roadrunner Transportation Systems overstated its income by $66 million from 2011-16 and had to re-evaluate $373.7 million worth of noncash impairment charges as a result of the scheme, the SEC said Tuesday in an administrative proceeding.
