EBSA News Brief
U.S. Department of Labor
For Immediate Release: March 12, 2013
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.