The U.S. Department of Labor (DOL) says Steven Salutric withdrew funds from the retirement plans from 2005 to 2009. The DOL’s lawsuit alleged that Salutric misdirected the assets of client plans to entities in which he had an interest, including a film distribution company, a restaurant and a real estate partnership, and a church where he served as treasurer.
Results One Financial LLC was a registered investment advisory company that provided services to a wide range of clients, including Employee Retirement Income Security Act (ERISA)-covered employee benefit plans.The court order requires Salutric to restore all losses, including lost opportunity costs, to the four pension plan clients and to correct the prohibited transactions involved. The judgment also bars Salutric from serving as a fiduciary or service provider to any employee benefit plan governed by ERISA in the future.
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