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Judge orders fiduciary to restore more than $64,000 to Advetech Inc. Group 401(k) Plan in Canfield, Ohio
Date of Action: May 30, 2013
Type of Action: Consent Order and Judgment
Names of Defendant: David Scott Owens, individually and as a fiduciary to the Advetech Inc. Group 401(k) Plan, Advetech Inc. and the Advetech Inc. Group 401(k) Plan
Allegations: Owens, individually and as a fiduciary to the plan, and Advetech Inc. failed to remit participant contributions and participant loan repayments totaling $167,439.86 to the Advetech Inc. Group 401(k) Plan from Jan. 10, 2007, through at least Oct. 12, 2011. Additionally, Owens remitted participant contributions and loan repayments to the plan up to 282 days after the pay date. In addition, Owens and Advetech Inc. failed to distribute summary plan descriptions to participants and beneficiaries as required.
Resolution: The Consent Order and Judgment orders Owens and Advetech Inc. to pay the plan the total currently outstanding amount of $64,769.26 for unremitted participant contributions, unremitted participant loan repayments, and lost opportunity costs.
Owens will also reallocate his account balance. Both Owens and Advetech Inc. will be removed as fiduciaries of the Plan, and an independent fiduciary will be appointed to oversee the plan. Further, Owens will be permanently enjoined from serving or acting as a fiduciary or service provider to any ERISA-covered plan in the future.
Court: United States District Court for the Northern District of Ohio
Docket Number: 4:12-cv-01689
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.