FAILED TO PAY INTO PROFIT SHARING PLAN

Court Orders Illinois Business Owner to Restore Losses To Retirement Plan and Trust After Fiduciary Violations Following a U.S. Department of Labor investigation, the U.S. District Court for the Northern District of Illinois entered a judgment requiring Michael Lewis, former president of Acme Orthotics and Prosthetic Laboratories Inc., to restore $128,535.75 in losses owed to the company’s Profit Sharing 401(k) Plan and Trust (“Plan”). As fiduciaries, Lewis and co-defendant Monica Fox failed to remit $58,531.72 in employee salary deferral contributions and loan repayment contributions, including lost opportunity costs, to the plan from July 2010 through April 2012. In addition, Lewis liquidated $70,004.03 in plan assets, including lost opportunity costs, from April 2012 to March 2015 and used the funds for non-plan purposes. Headquartered in Chicago, Acme Orthotic and Prosthetic Laboratories…

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