Compliance November 9, 2010
Former CEO Ordered to Restore 401(k)
The former CEO of Leading Technology Services Corp. (LTS) was
sentenced to prison and ordered to provide $57k in restitution to the company’s
401(k) plan participants.
Reported by Rebecca Moore
The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced that Kim Ghi Martin was sentenced to three months in prison followed by three years of supervised release and was ordered to pay $56,957.18 in restitution.Martin was sentenced after pleading guilty to a one-count criminal information charging her with theft of employee benefit assets from the 401(k) plan.
Under the sentence, Martin is subject to forfeiture of assets and must pay monthly restitution to her victims beginning 60 days after release from prison, according to the announcement.You Might Also Like:
Fiduciary Rule Lawsuit Leans on Prior Court Rebuttal
An advocacy group for independent insurance advisers alleges the DOL’s Retirement Security Rule is similar to a proposal struck down...
GAO Recommends DOL Update TDF Guidance
GAO reports concerns about a lack of understanding of TDF glidepaths and the growth of CIT TDFs.
Unsolicited and Implied Rollovers Under the New Fiduciary Rule
Experts parse how a retirement participant’s path to making a rollover will be viewed under the final Retirement Security Rule.