MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, May 17, 2012 DoL Smites a Fallen 401k Consultant With a Lawsuit, Too A prominent 401(k) consultant and outspoken industry critic now faces a civil lawsuit from the Department of Labor (DoL), in addition to federal criminal charges filed last month. Our sister publication, 401kWire, reports that on Tuesday Assistant Secretary of Labor and Employee Benefits Security Administration (EBSA) chief Phyllis Borzi filed suit against Eagle, Idaho-based Matt Hutcheson over his alleged misappropriation of $3.276 million in retirement plan assets, even as a federal judge pushed back Hutcheson's separate criminal trial from June to November. The Associated Press, the Idaho Statesman, InvestmentNews and Pensions & Investments all reported on the DoL's suit. In October, 401kWire reported that the DoL was investigating Hutcheson over up to $300,000 in missing 401(k) assets. At the time Hutcheson also faced a $138,000 suit from an ex-employee, a $159,000 lien from a construction company and a $51,000 bad check accusation. On April 11, the FBI arrested Hutcheson, who pled not guilty the next day to 31 counts of theft and wire fraud over more than $5.3 million in missing funds. He was released into the custody of his father-in-law, John Mason. Printed from: MFWire.com/story.asp?s=40040 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |