Investment fraud lawyers are currently investigating potential claims on behalf of investors who suffered losses as a result of a breach of fiduciary duty related to their retirement accounts.
Cofounder and director of Results One Financial LLC, Steven Salutric, was recently ordered to restore $1,211,902.25 to clients who held pension plans with him. The money was allegedly withdrawn from four pension plans between 2005 and 2009. This action violated the Employee Retirement Income Security Act. Allegations against Salutric stated that he misdirected client assets to entities such as a restaurant, a film distribution company, a real estate partnership and the church at which he served as treasurer. Salutric had a personal interest in all these entities, according to stock fraud lawyers.
“It is particularly egregious when those entrusted with protecting workers’ retirement assets jeopardize them by committing illegal acts for personal gain,” Hilda L.Solis, secretary of the U.S. Department of Labor, said.
In another case, a preliminary injunction against Hutcheson Walker Advisors LLC and Matthew D. Hutcheson was granted by the U.S. District Court for the District of Idaho. Allegedly, Hutcheson used over $3.2 million belonging to the workers of multiple employers, located in retirement plan savings, for his own personal benefit. Hutcheson allegedly tried to use the money to purchase an interest in a failed golf and ski resort, Tamarack Resort. The Department of Labor says that, as a result of Hutcheson’s alleged actions, the retirement plans affected have been left without sufficient funds to pay the benefits owed to the participants.
If these two cases tell the public anything, it is that investment fraud lawyers have a right to be concerned about the amount of retirement fraud affecting individuals today. If you believe you have been the victim of securities fraud related to your retirement account, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact a stock fraud lawyer at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.