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Harish Abbott, CEO of Augment, shares why the future of freight is already here and how to adapt to it.
The Supreme Court ruled Trump's tariffs illegal. Plus: an Illinois official took $300K and handed out illegal CDLs, cartel violence may affect your Mexico freight, 550 CDL schools just got shut down, and more.
This is truly one of the wildest stories in freight brokerage and trucking that we have ever covered.
Good morning. We have new insights to share regarding the ongoing Ocean's 11-style freight heist reported on Wednesday. Plus, FreightWaves has released an article explaining why many small carriers are surviving the freight recession. In other news, a former freight tech CEO has been sentenced to 20 years in prison, and another cargo theft operation has led to 51 arrests.
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🐔 WHAT’S COOKIN’ IN FREIGHT
💰 SBA Loans Prop Up Trucking. John Paul Hampstead of FreightWaves explains the resilience of small trucking carriers during the freight recession, attributing it to "Emergency COVID SBA loans," which provide up to $2M at 3.75% interest for 30 years. Craig Fuller adds, "The biggest question in trucking over the past year is, 'How do small carriers manage to stay afloat when they are likely losing money on every mile run?' The answer: Emergency COVID SBA loans." These loans, with deferred payments for the initial years, allow many struggling firms to continue operating despite the downturn. However, this has prevented the expected market exits, creating a looming capacity crunch as repayments come due.
🚔 20 Years for Fraud in Logistics Tech. Chris Kirchner, former CEO of Slync, a logistics tech startup specializing in supply chain automation, was sentenced to 20 years in federal prison for wire fraud and money laundering, involving nearly $25 million for personal use. Kirchner's lavish lifestyle, including a private jet and luxury purchases, was funded by defrauding investors while failing to pay employees. Ordered to pay $65.4 million in restitution, Kirchner's legal troubles included multiple motions to represent himself and conflicts with his defense team. Despite additional funding from Goldman Sachs, Slync faced bankruptcy in 2023.
🚛 Cargo Theft Operation Leads to 51 Arrests. On June 20, 2024, a coordinated multi-state raid involving the California Highway Patrol and several law enforcement agencies resulted in the arrest of 51 individuals across California and Arizona. The suspects face felony charges including railroad burglaries, vehicle theft, and methamphetamine-related crimes. Authorities seized 20 stolen vehicles, 20 firearms, large quantities of methamphetamine, and over $8 million in stolen cargo, along with $325,000 in cash. The investigation is ongoing.
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In Wednesday's newsletter, we reported on the ongoing Ocean's 11-style freight heist targeting major brokerages this week. Since then, we have received additional information about the situation. This is truly one of the wildest stories in freight brokerage and trucking that we have ever covered.
An employee with Trekker Logistics has been working behind the scenes, coordinating the research and organization of this elaborate heist. At this time, he has declined to be formally interviewed as there is still more work to be done.
We are still trying to piece things together and will have more insights as the story develops into next week and beyond. In the meantime, here are some new takeaways, along with screenshots of those involved and MCs that have been flagged, either purposefully or accidentally, with Agility Express.
In March of this year, Adriana Havryliuk posted in Facebook groups looking to buy an active MC.
The CDL of a driver who picked up a load that was then taken hostage from a shipper in Northlake, IL this week.
Avaline Trans is another carrier with its business address listed at 1850 Arthur Ave, Elk Grove Village, IL.
We don't know if these carriers are directly involved with the heist, but they have been identified as potentially working with Agility Express. We recommend avoiding any dealings with them.
Our source's biggest takeaway from this week has been to make sure you have a good vetting process.
In general a good review of your vetting process is important. Things are just going to become more difficult as we move forward.
We will have more information next week as the story unfolds. If you have any updates or corrections to the above, please send us an email at info@freightcaviar.com.
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