Compliance December 1, 2010
Company Exec Sentenced for Embezzling Retirement Funds
December 1, 2010 (PLANSPONSOR.com) - Gary L. Merritt, vice president of Bemcore Inc. of Dayton, Ohio, has been sentenced by a federal court to five years’ probation and ordered to restore $186,070 to the company’s 401(k) plan.
Reported by PLANSPONSOR staff
The U.S. Department of Labor’s Employee Benefits Security Administration announced the sentencing follows a guilty plea entered by Merritt to a one-count indictment of embezzlement from the company’s 401(k) retirement plan. Merritt embezzled the 401(k) assets between January 22, 2009, and May 12, 2010, while serving as the trustee of the Bemcore Inc. Employee Incentive Plan.
He was charged with converting the assets of the 401(k) plan to his own use and benefit, the announcement said.