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DOL Obtains Emergency Court Order to Protect Assets of 17 Retirement Plans Served by TPA Whose Owner Allegedly Embezzled Over $5.5M from Plans
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] 
Feb. 7, 2024 "The temporary restraining order ... [1] Forbids the defendants from any further involvement with trust assets. [2] Enjoins them from serving as fiduciaries or service providers to any ERISA plans. [3] Forbids the defendants from withdrawing any funds from their two corporate accounts into which they had illegally transferred the plan assets ... [4] Requires the defendants to preserve all relevant records for the purpose of transferring to an independent fiduciary appointed by the court. [5] Requires the independent fiduciary to oversee an accounting of the 17 mismanaged plans." [Su v. RiversEdge Advanced Retirement Solutions, LLC., No. 24-0104 (W.D. Penn. complaint filed Jan. 26, 2024)] MORE >> |
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