US Department of Labor files complaint to restore losses to Spencer & Associates LLC Profit Sharing and 401(k) Plan in Springfield, Ohio

Date of Action: Aug. 21, 2012

Type of Action: Complaint

Name(s) of Defendant: Bruce E. Spencer, Tannile Elizabeth Ortiz and Paul Olzeski, as fiduciaries to the Spencer & Associates, LLC Profit Sharing and 401(k) Plan.

Allegations: Spencer, Ortiz and Olzeski in their capacity as Plan fiduciaries allegedly failed to remit $8,330.40, and untimely remit $8,378.36, to the Spencer & Associates LLC Profit Sharing and 4019k) Plan and allowed these funds to remain part of Spencer & Associates general assets and thereby used for business expenses.  Spencer & Associates, LLC ceased business operations in September of 2010.  In October, Spencer closed the Plan account, removed all assets in the amount of $34,295.55, and deposited these assets into a personal bank account.  Funds belonging to other Plan participants have not been distributed.      

Resolution: The Complaint asks the court to order Spencer, Ortiz and Olzeski to restore all losses to the Plan, including interest, resulting from fiduciary breaches; to correct the prohibited transactions in which they engaged; and to permanently bar Spencer and Ortiz from serving as fiduciaries or service providers to any ERISA-covered employee benefit plan.

Court: United States District Court Southern District of Ohio, Western Division, Dayton, Ohio

Case: Solis v. Bruce E. Spencer, Tannile Elizabeth Ortiz, Paul Olzeski, Spencer & Associates, LLC Profit Sharing and 401(k) Plan

Docket Number: 3:12-cv-00283

U.S. Department of Labor materials are accessible at www.dol.gov.  The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.