Hoyla pleaded 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.
The 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.