Tech Firm Owner Gets Jail Time for Plan Asset Embezzlement

October 28, 2008 (PLANSPONSOR.com) - A federal judge has sentenced the owner of a Reno-based technology firm to a year in prison for embezzling approximately $128,000 from the company's 401(k) retirement plan.

According to a news release from Greg Brower, United States Attorney for the District of Nevada, Steven H. Urie, 64, owner of Lodging and Gaming System, Inc., was sentenced to one year plus one day in federal prison and three years of supervised release.

The news release said he was convicted by a jury in June of one count of Theft from Employee Benefit Plan for embezzling from the company’s retirement plan and converting the money to his own use.

“We will aggressively investigate theft or fraud against employee benefit plans,” said Bradford P. Campbell, Assistant Secretary of Labor for the Employee Benefits Security Administration, in the news release “Today’s sentencing sends a clear message that theft of benefit plan assets is a serious crime punishable to the full extent of the law.”

Urie was permitted to self-report to federal prison by November 24, 2008.

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