November 12, 2009
(PLANSPONSOR.com) – A Georgia state
court has sentenced the owner of the Hoyla Insurance Group
to a five-year
jail term and 15 years of probation, after his guilty plea to 19 counts of theft, including taking $65,000 from the company’s 401(k)
guilty to diverting for his own personal use employee
contributions owed to the company’s 401(k) plan between 2002 and 2006.
“Theft of employee benefit assets jeopardizes the
benefits of workers,” said R.C. Marshall, director of
EBSA’s Atlanta Regional Office, in the news release.
insurance agency ceased operations on Sept. 6, 2006, after the Georgia
Department of Insurance issued a cease and desist order. The 401(k) plan covered seven participants
and had $131,848 in assets as of April 5, 2007, the latest data available.