Reported 4 months ago
Lars Winkelbauer, a former high-ranking executive at Polar Air Cargo, has been sentenced to four years in prison for his involvement in defrauding the company of nearly $33 million. Winkelbauer, who served as COO for three years, was arrested in Thailand and extradited to the US. The scheme involved nine people, and he pleaded guilty to conspiracy to commit wire fraud and money laundering. In addition to the prison term, he was ordered to forfeit $6.7 million and repay Polar Air Cargo $32.9 million. The case also involved kickbacks received from customers and vendors in exchange for favorable contracts, resulting in significant financial harm to the company.
Source: YAHOO