EBSA News Release: December 1, 2010
Contact Name: Gloria Della
Phone Number: 202-683-8666
Release Number: 10-1663-CHI
Executive of Dayton tool and die company sentenced for
embezzlement of employee pension funds
DAYTON, Ohio – The U.S. Department of Labor’s Employee Benefits Security Administration announced that Gary L. Merritt, vice president of Bemcore Inc. of Dayton, has been sentenced by a federal district court in Ohio to five years’ probation and was ordered to restore $186,070 to his victims.
The sentencing follows a guilty plea entered on Aug. 26 by Merritt to a one-count indictment of embezzlement from the company’s 401(k) retirement plan. Merritt embezzled the 401(k) assets between Jan. 22, 2009, and May 12, 2010, while serving as the trustee of the Bemcore Inc. Employee Incentive Plan. He was charged with converting the assets of the 401(k) plan to his own use and benefit.
“The defendant’s guilty plea affirms our resolve to vigorously enforce the law to ensure that those who steal from contributory employee benefit plans are brought to justice,” said Paul Baumann, regional director of EBSA’s Cincinnati Regional Office in Ohio. “We will aggressively investigate plan theft under the Contributory Plans Criminal Project, which targets those who prey on participants and beneficiaries of these plans.”
This case was investigated by EBSA’s Cincinnati Regional Office and was prosecuted by the U.S. Attorney’s Office in Dayton.
U.S. v. Merritt
Criminal Number 3:10CR080
# # #
U.S. Department of Labor releases are accessible on
the Internet at http://www.dol.gov. The information in this news release
will be made available in alternate format (large print, Braille, audio
tape or disc) from the COAST office upon request. Please specify which
news release when placing your request at 202-693-7828 or TTY
202-693-7755. The Labor Department is committed to providing America’s
employers and employees with easy access to understandable information
on how to comply with its laws and regulations. For more information,
please visit http://www.dol.gov/compliance.