Compliance

Vending Company President Charged with Embezzlement

By Jay Polansky editors@plansponsor.com | August 02, 2012

August 2, 2012 (PLANSPONSOR.com) - The former president of a Wisconsin company and trustee of its 401(k) plan has been charged with embezzling from the plan.

An indictment alleges that from October 2007 through January 2009, David R. Biggerstaff stole $25,194 from the Premier Vending, Inc. 401(k) Plan, formerly known as the Owen Vending, Inc. 401(k) Plan, by withholding employee contributions to the plan and failing to make payments to the plan on behalf of those employees.

In April 2011, a federal judge ordered the company and Biggerstaff to restore $31,204.46 in voluntary employee contributions plus lost interest to the plan.

If convicted, Biggerstaff faces a maximum penalty of five years in federal prison.

The charge against him is the result of an investigation by the Chicago regional office of the U.S. Department of Labor Employee Benefits Security Administration (EBSA).