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DOL Alleges Idaho Plan Administrator Misused Retirement Funds
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] May 16, 2012
"[DOL] has filed a complaint in the U.S. District Court for the District of Idaho against Matthew D. Hutcheson alleging that he violated [ERISA]. The complaint alleges that, toward the end of 2010, Hutcheson used more than $3.2 million representing the retirement plan savings of workers from multiple employers for his own personal expenses and in an attempt to purchase an interest in the Tamarack Resort -- a failed ski and golf resort in Idaho. [The DOL alleges that the resulting] prohibited transaction has left affected retirement plans without sufficient funds to pay participants all the benefits owed to them."
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