Please note: As of January 20, 2021, information in some news releases may be out of date or not reflect current policies.

News Brief

Solis v. Jerry Craig, Sr. involving Spectrum Financial Group, Inc. 401(k) Profit Sharing Plan in Scottsdale, Ariz., alleging unremitted and delinquent employee contributions

Date of Action: December 21, 2011

Type of Action: Complaint

Names of Defendants: Jerry Craig, Sr.; Pattie Craig; Spectrum Financial Group, Inc.; Spectrum Financial Group, Inc. 401(k) Profit Sharing Plan

Allegations: The Secretary alleges that plan fiduciaries both failed to remit employee contributions to the plan and failed to remit employee contributions in a timely manner from January 1, 2005 through August 14, 2007, and that the fiduciaries retained and commingled the withheld contributions with the company’s accounts and used the amounts withheld for non-plan purposes.

Resolution: The Department filed a civil complaint on Dec. 21, 2011 asking the court to order the Craigs to correct the prohibited transactions and restore $20,602 in plan losses resulting from the breaches, plus lost opportunity costs; permanently enjoin the Craigs from violating Title I of ERISA; remove the Craigs and the company as fiduciaries of the plan, permanently enjoin the Craigs from serving as fiduciaries of or service providers to any ERISA-covered employee benefit plans; appoint an independent fiduciary to take over plan operations; require the Craigs to cooperate with and pay all costs associated with the independent fiduciary; and award the Secretary costs of bringing the action.

Court: U.S. District Court for the District of Arizona

Docket Number: 2:11-cv-02535-GMS

U.S. Department of Labor materials are accessible at  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. 

Employee Benefits Security Administration
January 23, 2012
Release Number