American Shipper lifts the lid on the recent federal indictment of Philip Armbruster, the former Roadrunner chief financial officer who, along with two other executives – named as Mark Wogsland and Bret Naggs – have been charged with accounting fraud, alleged to have cost shareholders as much as $245m in lost value. Charges against the three also include one of conspiracy to make false statements to a public company’s accountant and falsify Roadrunner’s books, records and accounts, as well as two counts of false entries, two counts of securities fraud and two counts of wire fraud. The alleged fraud began in 2014 and continued until Mr Armbruster was fired in 2017. A recent Loadstar Premium analysis of the company argues that Roadrunner’s future will hinge on the what majority shareholder Elliot Management Corp intends to do with a the proceeds of a recent $450m fundraising round.

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