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FreightWaves - Trucking·
Now, between 2016 and 2020, according to the Vermont liquidator’s federal complaint and the indictment that followed, Thandi borrowed about $14 million from Stifel Bank & Trust in Global Hawk’s name by falsely certifying that the board had authorized it. Global Century collected $5.2 million in fees from Global Hawk in 2017, $2.7 million in 2018, and $2.7 million more in 2019. Vermont’s accounting in the restitution order tallies $38.5 million in Global Hawk liabilities, most of it policy claims, against roughly $5.2 million recovered: $1.5 million in cash found at liquidation, a $3.7 million settlement from Lloyd’s of London, and $55,000 from Padda.
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