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Archived News Release — Caution: Information may be out of date.
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Release Date: 11/26/2004
Release Number: 04-2308-ATL (274)
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Boca Raton, Florida - The U.S. Department of
Labor has obtained a settlement permanently barring the former executive
of bankrupt Integrated Marketing Professionals, Inc., of Boca Raton, Florida,
from serving in a fiduciary capacity or making decisions relating to
employee benefit plans governed by the Employee Retirement Income Security
Act (ERISA). The department sued William G. Forhan for using $18,996 of
the company’s 401(k) plan for his personal benefit. |
“The
Department of Labor will aggressively enforce the law to protect the
retirement funds of this nation’s hardworking men and women,” said
Howard Marsh, director of the Atlanta regional office of the Employee
Benefits Security Administration (EBSA).The lawsuit filed at the time of
the settlement alleges that Forhan improperly transferred plan assets to a
business account from which he withdrew assets between November 15, 2002
and March 28, 2003. Integrated Marketing Professionals, after merging with
Casino Airlink, Inc., filed for Chapter 7 bankruptcy on January 23, 2002. |
The
401(k) plan, funded solely by employee contributions, covered 17
participants and had $76,550 in assets as of November 2002. Forhan has
distributed all assets of the 401(k) to participants and furnished
appropriate documentation to the Labor Department. |
The
suit, filed in the federal district court in Fort Lauderdale, resulted
from an investigation conducted by EBSA’s Atlanta regional office. |
In
fiscal year 2004, EBSA achieved record monetary results totaling $3.1
billion for retirement, 401(k), health and other programs. Employers and
workers can reach EBSA’s Cincinnati regional office at 404.562.2156 or
through EBSA’s toll-free number at 1.866.444.EBSA (3272), for help with
problems relating to private-sector retirement and health plans. |
(Chao
v. Forhan)
Civil Action No. 04-CIV-61524 |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. 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
www.dol.gov/compliance. |
Archived News Release — Caution: Information may be out of date.
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