For more stories like this, sign up for the PLANADVISERdash daily newsletter.
Compliance July 8, 2009
Woman Sentenced to Prison for 401(k) Theft
A woman accused of stealing from a co-worker’s 401(k) account has been sentenced to a one-year jail term.
Reported by
Fred Schneyer
A Justice Department news release said a federal judge also mandated that Dana Wachter serve three years of supervised probation and pay $38,000 in restitution for the total stolen from her co-worker.
Wachter was accused of using the co-worker’s Social Security and other personal ID numbers to authorize an $18,000 payout from the co-worker’s 401(k), and then cashing the resulting check.
Wachter was sentenced in U. S. District Court for the Western District of Missouri. She was indicted in June 2008 on one count each of aggregated identity theft, mail fraud, and theft from an employee benefit covered by the Employee Retirement Income Security Act.
You Might Also Like:
Capital Group Asks for SCOTUS Review on Participant’s Standing in 401(k) Lawsuits
Defendants do not think participants should be able to sue on behalf of other participants in defined contribution lawsuits.
Aon Sued Under ERISA Over Alleged Profits From Employee Benefits Program
The company allegedly received more than $14 million in commissions and administrative fees tied to voluntary health, dental and insurance...
Supreme Court Declines to Hear Ruby Tuesday Appeal in Equitable Surcharge Case
The decision leaves intact a ruling favoring a plan trustee and preserves differing interpretations among appeals courts of remedies available...

