Protect Your Employee Benefit Plans from Risk!
A Maryland-based CEO of a company that provided administrative services to federal contractors for managing employee benefit contributions has been charged with embezzling over $2.4 million from an Employee Retirement Income Security Act (ERISA) benefit plan, according to the U.S. Department of Justice.
The 47-year-old CEO was accused of pooling the funds into a master trust account before forwarding the money, the DOJ said. Between 2015 and 2024, he was suspected of making 135 unauthorized withdrawals. The accused was suspected of taking the money meant for employee health and retirement benefits to cover personal expenses, including luxury hunting trips, jewelry, gambling, and direct payments to his girlfriend.
Click here to read the full press release.
This rare loss is a stark reminder of the risks associated with managing employee benefit plans. Remember, Berkley Crime offers up to $25 million in capacity for Third Party ERISA Bonds – let’s ensure your clients are covered. Contact one of our team members today to discuss your client’s ERISA Bond needs before it’s too late!
Encourage your clients to take a proactive approach to protecting their business in the event of a loss!
Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered by calling one of the Berkley Crime team members listed below.
Sincerely,
Michael Beranek
Berkley Crime
Experts focused on your protection. We deliver.
| National Practice Leader Michael Beranek (646) 522-7362 [email protected] | East Regional Manager/Commercial Crime Product Leader Matt McNamara (212) 497-3707 [email protected] |
| West Regional Manager Brian Platt (720) 979-1155 [email protected] | Renewal Team Leader Cheryl Yorio (860) 466-7379 [email protected] |