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An executive of Columbus, Ohio-based Buckeye
Technical Services, Inc. pleaded guilty to one count of embezzling $3,241 from
the company’s 401(k) plan, according to documents filed in federal court
today.
William Robert Kugel, who was the director of
operations, admitted to converting the funds to his own use in May and June of
1994. The maximum penalty for this offense is a fine of not more than $250,000
and no more than five years in prison and up to three years of supervised
release.
Joseph Menez, PWBA Regional Director, said,
“This criminal action reaffirms our commitment to protect workers and
their benefits by ferreting out criminal activity involving retirement plans
wherever and whenever it occurs. Workers also can help us protect plan benefits
by contacting our office at 606-578-4680 about any suspected abuse of their
pension, health or other benefit plans.”
The criminal investigation was conducted by the
Cincinnati Regional Office of the U.S. Department of Labor’s Pension and
Welfare Benefits Administration as part of a nationwide crackdown on misuse of
401(k) assets. The case was prosecuted by the U. S. Attorney’s Office in
Columbus, Ohio.
(U. S. v. Kugel) |
