The indictment said that if the overvalued trucks were sold at their fair market value, the company would suffer losses. From June to September 2016, the executives at Celadon and Quality traded approximately 1,000 trucks to the truck dealer at inflated prices and received more than 600 trucks in return, concealing tens of millions of dollars in losses from shareholders, banks and the investing public, according to the indictment. Celadon financed many of its operations through a revolving line of credit from a collection of banks. In September 2016, Meek, Peavler and their co-conspirators realized Celadon was in jeopardy of violating the bank covenant that limited its debt-to-earnings ratio, the indictment states. In an effort to conceal this information from the banks and investors, Meek, Peavler and others allegedly convinced the truck dealer to pay Celadon approximately $25 million prior to the quarter ending on Sept. 30, 2016, according to the indictment.