The U.S. Department of Labor, in a complaint filed yesterday in U.S. District Court, alleges an advisor used more than $3.2 million of the retirement savings of workers from multiple employers for personal expenses. No money is left to pay plan participants the benefits owed them, DOL says. Ordinarily, this sort of DOL release wouldn’t be big news. The DOL files dozens of complaints every year accusing advisers of diverting ERISA-plan assets for their personal expenses. But this DOL release this time didn’t feature a nameless and faceless adviser.
Read more ...