Former Roadrunner CFO Sentenced to Prison for Securities Fraud

The chief financial officer of trucking and logistics company Roadrunner Transportation Systems until 2017, Peter Armbruster, was sentenced to two years in prison "for his role in a complex securities and accounting fraud scheme," the Department of Justice said in a Dec. 1 news release. "Evidence presented at trial showed that Armbruster inflated Roadrunner’s reported income by misrepresenting Roadrunner’s expenses. His actions caused the investing public to lose tens of millions of dollars when Roadrunner eventually announced that it would need to restate its previously filed financial statements, triggering a sharp drop in the company’s stock," DOJ said. "On July 29, following an 11-day trial, a jury convicted Armbruster of four counts of violating federal securities laws, including misleading a public company’s auditors, securities fraud, and keeping false books and records." Armbruster was indicted in 2019 (see 1904040023).