Peter R. Armbruster, Securities and Accounting Fraud, Wisconsin 2024

A federal jury in the Eastern District of Wisconsin has convicted a former top financial officer of a publicly traded trucking and logistics company of securities and accounting fraud.

Peter R. Armbruster, 62, of Milwaukee, the former chief financial officer (CFO) of Roadrunner Transportation Systems Inc. (Roadrunner), was convicted on four counts of violating federal securities laws for his role in a complex securities and accounting fraud scheme.

According to court documents and evidence presented at trial, Armbruster committed securities fraud, falsified Roadrunner’s books and records, and misled Roadrunner’s auditors. The scheme resulted in Roadrunner’s financial statements and Securities and Exchange Commission filings for the third quarter of 2016 being materially false and fraudulent.

Armbruster was convicted of one count of securities fraud, one count of misleading Roadrunner’s auditors, and two counts of falsifying Roadrunner’s books and records. He is scheduled to be sentenced on October 29 before U.S. District Judge Matthew F. Kennelly.

Armbruster faces a maximum prison sentence of 25 years' imprisonment for securities fraud, 20 years imprisonment for misleading auditors, and 20 years' imprisonment for each books and records violation. Judge Kennelly will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The case was investigated by the FBI’s Milwaukee Field Office and the Department of Transportation – Office of Inspector General’s Chicago Field Office. Trial Attorneys Emily Scruggs and Kyle Hankey, and Acting Principal Assistant Chief Justin Weitz of the Criminal Division’s Fraud Section prosecuted the case, with the assistance of Assistant U.S. Attorney Caitlin R. Cottingham.

Roadrunner Transportation Systems Inc. is a publicly traded company that was formerly headquartered in Cudahy, Wisconsin. The company’s shares were traded on the New York Stock Exchange using the ticker symbol #RRTS.

Source: https://www.justice.gov/archives/opa/pr/former-chief-financial-officer-publicly-traded-company-convicted-securities-and-accounting