"The [DOL] has obtained a consent judgment requiring Robert S. Caputo and Glenn M. Bankert to restore $225,000 to an employee stock ownership plan.... [The suit alleged] that the plan owned virtually all of the stock in Caputo's medical practice, and that between 2000 and 2006, Caputo used assets of the medical practice as if they were his personal property.... It further alleged that the defendants violated ERISA by allowing the plan to purchase stock from participants at inflated prices; failed to allow older workers to diversify their account balance, as required by law; failed to keep accurate records; and failed to take action as the plan's fiduciaries to remedy Caputo's misuse of company funds."

MORE >>