Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
Compliance March 24, 2011
MN Man Pleads Guilty to Embezzling from Benefit Plan
Delroy Joseph Sand, Jr., pled guilty to embezzling approximately $642,166.81 from his company’s employee benefit plan between 2008 and 2009.
Reported by Rebecca Moore
In his plea agreement, Sand admitted that during 2008 and 2009, he took money from the plan for his own use, according to the Department of Labor. From February 2008 through September 2009, Sand was the trustee for the employees’ retirement savings plan at Hecla, Inc., a business that provides adult foster care as well as group home and mental health services in Minnesota.
Sand faces a potential maximum penalty of five years in prison. His sentence will be determined at a future hearing, yet to be scheduled.