State News

Company ordered to restore 401(k) funds

by AP posted Jan 14 2013 12:41PM
     VIRGINIA BEACH, Va. (AP) - A Virginia Beach company has been ordered to restore more than $77,000 to its 401(k) plan and pay a civil penalty of more than $15,000.
     The U.S. Department of Labor announced the consent judgment against Cardservice of Virginia Inc. on Monday.
     The department had sued the company earlier this month in federal court. The lawsuit alleged that Cardservice and its president and owner, Richard Yanek, failed to put employee contributions into the plan from Jan. 1, 2007, through April 30, 2011.
     The lawsuit also claimed that some employee contributions were remitted to the plan late without interest. Also, the plan's assets weren't segregated from the company's general assets.
Filed Under :
Topics : Law_Crime
Location : VirginiaVirginia Beach
People : Richard Yanek
01/14/2013 12:42PM
Company ordered to restore 401(k) funds
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01/21/2013 7:50AM
Too bad he hasn't paid back what he owes...He is too busy on vacation in Jamaica...
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