Imagine finding out the retirement provider that you entrusted with your staffers’ hard-earned savings was doing anything but helping them prepare for retirement.
That’s what happened to a number of businesses in this case.
According to a DOL investigation, Steven Salutric, the co-founder and director of the now-defunct Results One Financial LLC, withdrew funds from clients’ retirement plans from 2005 through 2009 and used that money for a number of personal projects in which he had an interest.
What type of projects? Salutric’s endeavors ran included a film distribution company, a restaurant, a real-estate partnership and a church where he served as treasurer.
Luckily, Salutric was ordered by the DOL to restore $1,211,902.25 to four plans.