U.S. Labor Department sues president of defunct Petersburg, West Virginia, company for failing to forward employee contributions to SIMPLE IRA plan

Elkins, West Virginia – The U.S. Department of Labor has sued Byron Goldizen, president of defunct Bryco Bore and Pipe Inc., formerly located in Petersburg, West Virginia, for violating his fiduciary responsibility under the Employee Retirement Income Security Act to the company’s SIMPLE IRA plan.

The suit alleges that Goldizen failed to remit employee contributions to the plan from June 2006 through December 2008. The company ceased operations and filed for bankruptcy protection under Chapter 7 on June 8, 2009.

“Our legal action demonstrates the Labor Department’s commitment to protect the retirement benefits of America’s workers,” said Mabel Capolongo, regional director of the department’s Employee Benefits Security Administration in Philadelphia, Pennsylvania.

Filed in the U.S. District Court for the Northern District of West Virginia in Elkins, the suit seeks to restore to the plan all losses and opportunity costs and to permanently enjoin Goldizen from serving directly or indirectly as a fiduciary to any employee benefit plan covered by ERISA.

Goldizen filed for individual bankruptcy protection under Chapter 7 on May 19, 2009. Under a separate action, the department filed suit in federal bankruptcy court to prevent him from discharging any debt he owes to the plan.

These legal actions resulted from an investigation conducted by EBSA’s Philadelphia Regional Office. In fiscal year 2009, the department achieved monetary results of $1.3 billion in pension, 401(k), health and other benefits for millions of American workers and their families. Employers and workers can contact the agency’s Washington District Office at 202.693.8700 or toll-free at 866.444.3272 for help with problems relating to private sector pension and health plans.

Solis v. Byron Goldizen
Civil Action Number: 2:10-cv-33

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