 Your Portfolio: Is Your Boss Raiding the 401(k) Till? Individual
Investor Magazine
EXCERPT: ""Around Labor Day in 1997, the 135 workers at Emergi-Lite's plant in Westbrook, Connecticut, which manufactured emergency signs, were told that their factory would be shutting down.Then a few days after Christmas, the 85 participants in the 401(k) plan were called into the company's cafeteria and told that all the money they had socked away over the years was gone. Eventually, the plan's administrator and trustee, Gary Moore, was convicted of embezzling more than $1 million, which he allegedly spent on cars, vacations, and a house in West Palm Beach, Florida. "It was devastating," recalls Don Briere, Emergi-Lite's credit manager, who lost $13,000."" To view the complete article, visit www.individualinvestor.com |