PPP

Top 5 freight fraud stories of 2024

This year freight fraud took center stage, exposing cracks in the logistics industry’s defenses and leaving a trail of financial devastation. From coordinated ransom schemes to pandemic relief fraud, 2024 showcased the growing sophistication and reach of bad actors in transportation.

These cases revealed a troubling pattern of exploiting systemic vulnerabilities. Fraudsters used tools like falsified documents, illegal carriers and shell companies to bypass regulations and manipulate financial...

https://www.freightwaves.com/news/top-5-freight-fraud-stories-of-2024

Memphis trucking company owner sentenced to federal prison in PPP scheme

A Memphis, Tennessee, trucking company owner has been sentenced to federal prison after pleading guilty to wire fraud in connection to a scheme to defraud the pandemic-era Paycheck Protection Program.

Herman Shaw, 44, the owner of Freight Masters Inc., pleaded guilty in August and was ordered to pay $782,212 in restitution. He was also sentenced to 30 months in federal prison. 

In June 2020, Shaw and a person identified only as L.E. in court documents worked together to submit a false PPP loan...

https://www.freightwaves.com/news/memphis-trucking-company-owner-sentenced-to-federal-prison-in-ppp-scheme

Missouri man guilty of fraudulently obtaining PPP funds to start trucking company

A federal jury has convicted a Missouri man after he fraudulently obtained Paycheck Protection Program money that he used to start a trucking business. 

The jury found Christopher Carroll, 54, guilty on Friday of three counts of bank fraud, three counts of making false statements to a financial institution, one count of conspiracy to violate the Clean Air Act, 13 violations of the Clean Air Act and two counts of threatening a witness.

The Farmington man partially owned Whiskey Dix Big Truck...

https://www.freightwaves.com/news/missouri-man-guilty-of-fraudulently-obtaining-ppp-funds-to-start-trucking-company

Autonomous trucking companies reap millions in PPP loans

autonomous PPP
  • TuSimple, Kodiak Robotics among autonomous vehicle startups that received at least $1M from government bailout
  • The decision to take money from the government has created a divide in tech startup community

Some of the biggest names in autonomous trucking were among the businesses that received a loan of more than $150,000 from the federal Paycheck Protection Program (PPP).

Leading self-driving trucking company TuSimple, with offices in the U.S. and China, received a loan between $2 million and...

https://s29755.pcdn.co/news/autonomous-trucking-companies-reap-millions-in-ppp-loans