News Release: November 29, 2010
Third-party retirement plan administrator sentenced for false statement on Form 5500, following US Labor Department investigation
PHILADELPHIA – The U.S. Department of Labor's Employee Benefits Security Administration today announced that the owner of Philadelphia Pension Planning Corp., formerly located in Montgomery County, Pa., was sentenced to 15 months in prison and three years of supervised release, and ordered to pay $715,228.79 to the Bustleton Landscaping Co. Inc. Profit Sharing Plan for making a false statement in the Form 5500 annual report.
"This third-party administrator jeopardized the retirement security of these workers and their families," said Assistant Secretary for EBSA Phyllis C. Borzi. "We will aggressively investigate violations against plans, including efforts to conceal information about the theft of plan assets."
Charleen Ryan of Pomaria, S.C., pleaded guilty on July 29 to making a false statement. As part of her plea, she admitted that she prepared, executed and authorized the Form 5500 for the Bustleton Landscaping Co. Inc. Profit Sharing Plan for plan year 2003. Ryan falsely stated in the Form 5500 that the plan held $797,373 in assets at the beginning of plan year 2003 when the plan held significantly less than that amount due to losses that Ryan knowingly concealed.
Ryan was sentenced in the U.S. District Court for the Eastern District of Pennsylvania in Philadelphia.
The case was investigated by EBSA's Philadelphia Regional Office and the Federal Bureau of Investigation and was prosecuted by the U.S. Attorney's Office in Philadelphia.
U.S. v. Ryan
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