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 |