Labor Department: Elmhurst Firm Depleted Retirement Fund
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CHICAGO (CBS) — The U.S. Department of Labor wants to know what happened to nearly $2 million allegedly missing from an Elmhurst company’s retirement plan.
As WBBM Newsradio’s Dave Marsett reports, the Labor Department has filed a complaint in U.S. District Court. Named in the complaint is ABD Tanks and Pump Company, and its owner Keith Davis.
LISTEN: WBBM Newsradio’s Dave Marsett reports
According to the complaint, Davis transferred the $1.9 million in retirement funds money to himself and/or the company over a four year period between 2006 and 2010.
The A.B.D. Tank & Pump Co. 401(k) & Profit Sharing Plan & Trust, a retirement plan for the company’s employees funded by employer contributions, was established in 1992. Davis is the plan’s trustee.
The Labor Department wants Davis to pay back all the money with interest. The department also wants Davis replaced as the retirement plans trustee.
The Sun-Times Media Wire contributed to this report.