Please note: As of January 20, 2021, information in some news releases may be out of date or not reflect current policies.

News Release

Former New Jersey Executive Restores $105,707 to 401(k) Plan After Pleading Guilty to Theft

Archived News Release — Caution: Information may be out of date.

Somerset, New Jersey - Richard J. Valenti, owner of Valairco Inc., Green Brook, New Jersey, pled guilty to the theft of $105,707 of employee benefit plan assets from the company’s 401(k) plan. Valenti has already made restitution to the plan.

“Stealing from a retirement plan is a serious crime. Those who rob workers of their retirement security will be found and prosecuted,” said Ann L. Combs, assistant secretary of labor for employee benefits security.

Richard J. Valenti, who was the sole trustee of the 401(k) plan, waived indictment and jury trial. Instead, he entered into a Pretrial Intervention Program, requiring him to make restitution, perform community service and pay a court-ordered fee. Failure to comply with the terms of the intervention may result in a maximum prison sentence of five years and fines.

The investigation leading up to the criminal action disclosed that Valenti failed to forward employee contributions to the 401(k) plan from February 2002 through July 2004.

The investigation was conducted by the New York regional office of the Employee Benefits Security Administration and the Somerset County Prosecutor’s Office in New Jersey. The guilty plea and pre-trial intervention was entered in the Superior Court of New Jersey for Somerset County.

(State of New Jersey v. Valenti)
Criminal No. 05-07-00615-A

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor 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 the Department's Compliance Assistance page.

Archived News Release — Caution: Information may be out of date.

Employee Benefits Security Administration
August 9, 2005
Release Number