Compliance November 9, 2010
Former CEO Ordered to Restore $57K to 401(k) Participants
November 9, 2010 (PLANSPONSOR.com) – The former CEO of Leading Technology Services Corp. (LTS) was sentenced to prison and ordered to provide restitution to the company’s 401(k) plan participants.
Reported by Rebecca Moore
The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced that Kim Ghi Martin was sentenced to three months in prison followed by three years of supervised release and was ordered to pay $56,957.18 in restitution.Martin was sentenced after pleading guilty to a one-count criminal information charging her with theft of employee benefit assets from the 401(k) plan.
Under the sentence, Martin is subject to forfeiture of assets and must pay monthly restitution to her victims beginning 60 days after release from prison, according to the announcement.« More Plan to Work Longer than Save More in Response to Downturn