Compliance December 1, 2010
Exec Sentenced for Embezzling Retirement Funds
Gary L. Merritt, vice president of Bemcore Inc. of Dayton, Ohio, was sentenced by a federal court to five years’ probation and ordered
to restore $186,070 to the company’s 401(k) plan.
Reported by
PLANADVISER staff
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced the sentencing follows a guilty plea entered by Merritt to a one-count indictment of embezzlement from the company’s 401(k) retirement plan. Merritt embezzled the 401(k) assets between January 22, 2009, and May 12, 2010, while serving as the trustee of the Bemcore Inc. Employee Incentive Plan.
He was charged with converting the assets of the 401(k) plan for his personal use, the announcement said.