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DOL Sues Investment Advisor and Plan Administrator to Recover Losses
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Jan. 20, 2015
"An investigation by [EBSA] found that from at least 2006 through 2011, [the subject of this investigation] caused himself [and two companies he owned] to be paid certain commissions and fees, the amounts of which were not properly disclosed to or specifically authorized by the plans or independent fiduciaries ... [and] failed to use all fees received by him to offset fees that the plans otherwise would have had to pay and used his fiduciary authority as investment adviser to cause the plans to remain invested in a higher fee fund class when the same fund portfolio was available in a lower fee class."
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