ScrewedbyDan

Yes, he was at the time a senior member of the management team and is now the VP. When the closing of the ESOP was announced he disappeared for two weeks. When he returned he had nothing to say on the matter. DOL is aware of all relevant facts. They are on it, we employees are very impressed with DOL.

Great call E.G. This case has now been under investigation for almost two years. When ever there is a question about ESOP law get your facts together and Contact DOL. The Boston division is handling this case and Are doing a fantastic job. This is a whole new method of ESOP fraud. Typically stocks are overvalued at the time of stock sales. These guys had a new approach. Buy the owners shares and then force out employees for pennies on the dollar. Employees were told if they asked what the sales price was from the owner to the president of the company they would be terminated. Employees who refused to sell their stock were harassed and made to feel like their jobs were in jeopardy. The former owner had promised to sell 100% to employees on several occasions. 12 years of emails on employees pc's and laptops and hard drives were scrubbed, of any and all ESOP communications. The buyout was rushed because profits were budgeted to skyrocket, Their timing was perfect the new owner keeping those profits and paid as low as 10% of what the stock was worth. This was a very well planed scheme. Oh yes the trustee has been promoted to the Vice President of the company. New sources have revealed the owner received as much as 43 million for his 51% and yes employees received 3.3 million for 49%.