August 31, 2012
Tank & Pump Co. in Elmhurst, Illinois, has been ordered to restore
$2,767,051 to the company’s retirement plan. ---
A lawsuit following an investigation by the U.S. Department
of Labor’s Employee Benefits Security Administration alleged Keith Davis, the
company’s president and sole owner, depleted the assets of the plan through a
series of withdrawals and transfers to himself and the company from December 6,
2006, through November 4, 2010, in violation of the Employee Retirement Income
Security Act (ERISA).
The A.B.D. Tank & Pump Co. 401(k) & Profit Sharing
Plan & Trust was established in 1992. Davis is the plan’s
The court order requires A.B.D. Tank & Pump Co. to
restore all losses, including lost opportunity costs, to the retirement plan,
and permanently bars A.B.D. Tank & Pump Co. from serving as a fiduciary or
service provider to any employee benefit plan governed by ERISA in the future. The
complaint against Davis remains pending.