Date of Action: May 20, 2013
Type of Action: Consent Judgment and Order
Name(s) of Defendant(s): Cameron Garrison and Garrison Enterprises Inc.
Allegations: In 2006, Garrison Enterprises, Inc., based in Charlotte, N.C., established a 401(k) plan for its employees. During the course of an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration, the agency found that from February 2007 to April 2009, Cameron Garrison and Garrison Enterprises failed in their fiduciary responsibility to forward $103,481.37 in employee contributions to the plan and allowed the funds to be commingled with general company assets.
Resolution: In the consent judgment and order, defendant Cameron Garrison is permanently enjoined from serving as fiduciary, trustee, agent, or representative in any capacity to any employee benefit plan subject to the Employee Retirement Income Security Act. Prior to entering the consent judgment and order, Garrison Enterprises paid $115,981.45 in restitution for all losses to the plan, representing unremitted employee contributions, interest and lost opportunity costs. Garrison Enterprises, Inc. agreed to ensure that all fiduciaries to the plan receive six (6) hours of fiduciary education.
Court: United States District Court, for the Western District of North Carolina, Charlotte Division
Docket Number: 3:11-cv-00664
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