Ohio Man Pleads Guilty To Pension Embezzlement

Archived News Release — Caution: Information may be out of date.

An executive of Columbus, Ohio-based Buckeye Technical Services, Inc. pleaded guilty to one count of embezzling $3,241 from the company’s 401(k) plan, according to documents filed in federal court today.

William Robert Kugel, who was the director of operations, admitted to converting the funds to his own use in May and June of 1994. The maximum penalty for this offense is a fine of not more than $250,000 and no more than five years in prison and up to three years of supervised release.

Joseph Menez, PWBA Regional Director, said, “This criminal action reaffirms our commitment to protect workers and their benefits by ferreting out criminal activity involving retirement plans wherever and whenever it occurs. Workers also can help us protect plan benefits by contacting our office at 606-578-4680 about any suspected abuse of their pension, health or other benefit plans.”

The criminal investigation was conducted by the Cincinnati Regional Office of the U.S. Department of Labor’s Pension and Welfare Benefits Administration as part of a nationwide crackdown on misuse of 401(k) assets. The case was prosecuted by the U. S. Attorney’s Office in Columbus, Ohio.

(U. S. v. Kugel)

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Archived News Release — Caution: Information may be out of date.

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