MADISON, Wis. — The U.S. District Court for the Eastern District of Wisconsin on June 21 ordered Peter R. Armbruster, former chief financial officer of Roadrunner Transportation Systems Inc., to pay $1,142,597.50 in restitution in connection with an accounting fraud scheme.
The restitution amount included a payment of $35,871.58 to individual victims, according to a news release.
Court documents show that Armbruster participated in a scheme to falsify financial statements of a publicly traded company for the third quarter of 2016.
Additionally, between 2014 and 2017, he “engaged in a scheme to mislead Roadrunner’s shareholders, independent auditors, regulators and the investing public about the company’s true financial condition,” the news release stated.
Armbruster’s actions resulted in at least $7 million in overstated accounts on the balance sheet for one of Roadrunner’s largest operating companies, Roadrunner Intermodal Services Inc.
“Armbruster purposefully falsified books and records to boost the company’s financial profile,” according to the news release.
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