Celadon pursuing bankruptcy in wake of fraud charges

"Courtroom Gavel" by Joe Gratz, public domain

INDIANAPOLIS (Network Indiana): A trucking company hit with a scandal involving fraud charges for two former executives is filing for bankruptcy.

Celadon Trucking, which is based in Indianapolis and also has offices in Butler, has filed for Chapter 11 bankruptcy.

The move will leave more than 3,000 truck drivers without a job.

Last week US Attorney Josh Minkler filed federal charges of fraud against former COO William Meek and CFO Bobby Peavler. They’re accused of misleading shareholders by funding the company’s books to show that Celadon was worth more than it actually was, which ended up costing investors millions of dollars.

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