DAYTON, Ohio, December 1, 2010 – The U.S. Department of Labor’s Employee Benefits Security Administration announced that Gary L. Merritt, vice president of Bemcore Inc. of Dayton, has been sentenced by a federal district court in Ohio to five years’ probation and was ordered to restore $186,070 to his victims.
The sentencing follows a guilty plea entered on Aug. 26 by Merritt to a one-count indictment of embezzlement from the company’s 401(k) retirement plan. Merritt embezzled the 401(k) assets between Jan. 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 to his own use and benefit.
“The defendant’s guilty plea affirms our resolve to vigorously enforce the law to ensure that those who steal from contributory employee benefit plans are brought to justice,” said Paul Baumann, regional director of EBSA’s Cincinnati Regional Office in Ohio. “We will aggressively investigate plan theft under the Contributory Plans Criminal Project, which targets those who prey on participants and beneficiaries of these plans.”
This case was investigated by EBSA’s Cincinnati Regional Office and was prosecuted by the U.S. Attorney’s Office in Dayton.
U.S. v. Merritt Criminal Number 3:10CR080
This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.
Administrative options for Employee Benefits Security Administration [EBSA], U.S. Department of Labor: