Deals & People March 12, 2012

Russell Investments Appoints DC Specialist

Russell Investments hired Laura Grusczynski as a defined contribution (DC) specialist for the firm’s U.S. adviser-sold business.
Reported by

Grusczynski will focus specifically on the delivery of defined contribution investment-only (DCIO) solutions to retirement plan intermediaries and strategic distribution partners in the western region of the U.S. She will be based in Denver.

Grusczynski reports to Ben Jones, director of defined contribution. She previously worked at Alliance Bernstein.

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Compliance March 12, 2012

Long Island CEO Accused of Stealing from 401(k)

Suffolk County (New York) prosecutors say a Long Island CEO looted his employees' retirement accounts and bought expensive cars with the money.
Reported by

District Attorney Thomas Spota said Om Soni of Sonix Medical Resources diverted $278,000 from the company’s 401(k), with part of the money going to buy a Bentley and a Mercedes-Benz, the Associated Press reports. Soni already owned another Bentley, another Mercedes and a Lamborghini.  

Sonix Medical Resources went bankrupt in 2010.  

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Soni pled not guilty. His lawyer said Soni used his own money to prop up the company and that the cars had nothing to do with any missing funds, according to the news report.

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