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Employee Benefits Security Administration
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EBSA News Brief

U.S. Department of Labor
Office of Public Affairs
Philadelphia Pa.
Release Number: EBSA 13-021

For Immediate Release: March 12, 2013
Contact: Joanna Hawkins or Leni Uddyback-Forston
Phone: 215-861-5101 or 215-861-5102
E-mail: hawkins.joanna@dol.gov or uddyback-fortson.lenore@dol.gov

Solis v. Gregory J. Harmon and Breeden & Collier Inc.
Richmond,Va., company ordered to restore assets to SIMPLE IRA Plan

Date of Action: March 1, 2013

Type of Action: Default judgment

Names of Defendants: Gregory J. Harmon and Breeden & Collier Inc.

Allegations: Gregory J. Harmon, president and owner of Richmond, Va.,-based Breeden & Collier Inc., sponsored and administered the Breeden & Collier Inc. SIMPLE IRA.  The plan was established in January 2005 for the benefit of its employees. Gregory Harmon was the trustee of the plan and the person responsible for making decisions concerning the remittance of employee contributions to the plan. An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found from January 2007 through December 2009, Harmon failed to remit employee deductions representing voluntary contributions to the plan.

Resolution: A default judgment ordered defendants to restore to the Breeden & Collier, Inc. SIMPLE IRA Plan all losses including interest and lost opportunity costs, and removed the defendants as plan fiduciaries.

Court: United States District Court for the Eastern District of Virginia

Docket No.: 1:12cv0894

U.S. Department of Labor materials are accessible at www.dol.gov.  The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.