Sports cars, jewelry, luxury items, private charters among proceeds from $105M trucking Ponzi scheme: U.S. attorneys
A Nevada man was charged for allegedly running a trucking-related Ponzi scheme, bilking more than $105 million from victim investors.
The U.S. Attorney’s Office for the Middle District of Florida charged Kristopher Lunsford, 46, of Henderson, Nevada (formerly of Georgia) with six counts of wire fraud and two counts of money laundering. If convicted, he faces a maximum penalty of 20 years in federal prison on each wire fraud count and up to 10 years’ imprisonment on each money laundering count. The United States is also seeking an order of forfeiture in the amount of $105,940,214.93, the proceeds of the alleged fraudulent scheme.
The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Lunsford, AKL Transport LLC, and Southern Truck Leasing LLC in the Middle District of Florida. The SEC alleged that Lunsford and his companies raised at least $127 million from approximately 765 investors nationwide.
According to the indictment, Lunsford and others solicited hundreds of victim-investors to invest in his trucking business by purchasing leases for semi-trucks. Lunsford allegedly falsely and fraudulently represented that he would handle all aspects of the business, including purchasing trucks, hiring drivers, and insuring and employing the trucks while the investors performed no work and earned passive income.
Lunsford and others represented to the investors that they could invest in a truck, typically in an amount between $25,000 and $40,000 per truck, and, in exchange, earn a guaranteed weekly payout, typically in an amount between approximately $1,000 and $1,250, generated from profits of Lunsford’s operation of the trucks.
Between approximately December 2023 and May 2025, Lunsford and others solicited more than $105 million from victim-investors. Rather than paying the investors with profits generated from the business, Lunsford allegedly used approximately $75 million of new investors’ funds to pay earlier investors and used over $25 million for his personal enrichment, including purchases of real estate, sports cars, jewelry, luxury brand items, private charters, and expenditures at resorts, casinos, and nightclubs.
Lunsford also allegedly used approximately $2 million of investors’ funds on business-related expenses and operations.
[Related: Former fleet owner at head of trucking Ponzi scheme to pay $51 million in restitution]
FMCSA returns automatic emergency relief to 30 days
The Federal Motor Carrier Safety Administration finalized a proposal to roll back a 2023 change to the automatic emergency relief triggered following a regional declaration of emergency by a governor of a state, their authorized representative, or FMCSA itself.
In January, the agency proposed extending that automatic emergency relief from 14 days to 30 days. Prior to 2023, the automatic exemption was limited to 30 days and covered all regulations in 49 CFR Parts 390 through 399. With the October 2023 change, though, that automatic relief was shortened to 14 days and limited the exempted regulations to only the hours-of-service regulations in sections 395.3 and 395.5 (maximum driving time for property- and passenger-carrying vehicles, respectively).
FMCSA only received 13 comments that were relevant to January’s proposed change, 10 of which supported the change. One comment was neutral, two opposed.
The final rule expanding the automatic emergency relief triggered by emergency declarations from 14 days to 30 days is effective Monday, Oct. 5, when the rule publishes in the Federal Register. Petitions for reconsideration of the final rule must be submitted to the FMCSA Administrator within 30 days of the rule’s publication.
[Related: FMCSA narrows regs relief after declared ’emergencies’]
Wex adds resource with industry vendors
Fuel payments provider Wex launched its Verified Vendors resource aimed at helping over-the-road (OTR) customers discover and connect with vetted third-party providers offering products and services to help them operate and grow their businesses.
Through Verified Vendors, Wex OTR customers can explore curated partner offerings and connect with providers through a streamlined referral experience all in one place, the company said.
At launch, Verified Vendors connects customers with providers across several categories, including:
- BestPass — Toll transponders
- Engine — Hotel and travel reservations
- MapUp — Toll reconciliation
- TFS Financial — Equipment financing
- TruckerPath — Navigation
- SCI — Terminal hardware and software
“Verified Vendors gives our customers a faster, more trusted way to find the third-party services that matter most to their business,” said Tim Hampton, senior vice president and general manager for OTR at Wex. “Instead of navigating a fragmented market on their own, carriers and owner-operators can start their search from a curated set of providers Wex brings together in one convenient location. It’s a natural extension of how Wex supports customers beyond our own products.”
Customers can access Verified Vendors at no cost and submit requests to connect with participating providers directly through the Wex platform. The vendor lineup is expected to grow over time as Wex continues to add providers based on customer needs and program performance.
WEX OTR customers can begin exploring Verified Vendors by reaching out to their Wex sales representative or by visiting the Verified Vendors homepage.
[Related: Wex intros cardless fuel payments]
