Owner of Columbus business pleads guilty to violating Employee Retirement Income Security Act

Archived News Release — Caution: Information may be out of date.

Columbus, Ohio — The owner of Laser Saver Inc. in Columbus today pleaded guilty in U.S. district court to willful failure to file with the U.S. Department of Labor annual financial reports for the company’s 401(k) retirement plan that are required by the Employee Retirement Income Security Act.

Gregory G. Lockhart, U.S. attorney for the Southern District of Ohio, and Paul Bauman, acting regional director of the Labor Department’s Employee Benefits Security Administration (EBSA) in Cincinnati, announced that Jeffrey Miller of Ostrander, Ohio, pleaded guilty to one count of a felony information that charged him with willful failure to file financial reports for the Laser Saver 401(k) employee pension benefit plan.

During the period from January 1, 2003, through December 31, 2005, Miller was the sole owner of the company and trustee of the plan. Miller admitted in court that during this time, he was required as the plan trustee to file annual financial reports for the Laser Saver 401(k) plan with the Department of Labor but willfully failed to do so.

Miller faces possible imprisonment for up to 10 years and up to $250,000 in fines. As part of his plea agreement, he agreed to remit to the retirement plan by the time of his sentencing all contributions that he withheld from Laser Saver employees’ paychecks since August 2003 but failed to deposit into the plan. The company repairs printers and re-manufactures printer cartridges.

“Trustees of a 401(k) plan have a responsibility to protect plan assets by ensuring that reports required by law on the plan’s financial condition are filed correctly and in a timely manner,” said Bauman.

This case resulted from an investigation conducted by EBSA’s Cincinnati Regional Office.

United States v. Miller
Criminal Number 2:08-CR-150

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Archived News Release — Caution: Information may be out of date.