CEO Gets 7 1/2 Years Prison Over Employment Taxes, Owes $21M In Restitution

If you’re in business, paying taxes, wages and expenses can involve juggling. But when you withhold taxes on employee wages, you’d better send it to the IRS. Don’t buy a Bentley, a Maserati, or pay for your wedding. Those are some of the purchases prosecutors claimed were made by the former CEO of Arrow Trucking Company, Mr. James Douglas Pielsticker. He was sentenced to seven and one-half years in prison for conspiracy to defraud the United States, bank fraud and tax evasion. After that, he’ll have 3 more years of supervised release. And he was ordered to pay a whopping $21 million in restitution.