PWBA Field Office Press Release

PENSION AND WELFARE BENEFITS ADMINISTRATION III-97-09-23-167-PHL

PHILADELPHIA PLAN TRUSTEE IS SENTENCED TO SIX MONTHS FOR EMBEZZLEMENT

The trustee of the Penjerdel Refrigeration Company 401(k) plan and its successor plan, the Penjerdel Engineering Company 401(k), was ordered by a Philadelphia court to serve six months under community confinement, three years supervised release and to pay a $1,000 fine for embezzling plan assets.

Former trustee Joseph Guckin pleaded guilty to one count of converting for his business use assets from the Penjerdel Refrigeration/Engineering Company 401(k) plan, after being indicted by a federal grand jury on July 9, 1996. Under the consent judgment, Guckin agreed to forfeit his accrued vested account balance and pay an additional $94,784.00 to the plan. Restitution must be paid during the supervised release period.

Penjerdel Refrigeration/Engineering Company was a Philadelphia mechanical contractor for commercial heating, ventilation and air conditioning systems.

The criminal case resulted from an investigation of the Pension and Welfare Benefits Administration's Philadelphia Regional Office into violations of the Employee Retirement Income Security Act (ERISA).

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(U.S. v. Guckin 96-292)

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