Thursday, April 14, 2011
Ohio Businessman Pleads Guilty To Embezzling $120K From Employee Paychecks Meant For 401(K) Plans
Cliff A. Gallatin, 56, of Dublin, Ohio, has pleaded guilty to one felony count admitting he embezzled some $120,000 from employee paychecks - funds that were meant to be deposited into their respective 401(K) retirement plans - at American Systems Consulting, Inc., the company he owns and manages. Prosecutors alleged that Gallatin skimmed from the company retirement plan since it was established in 2003. A civil action was brought against the company, Gallatin and his wife, Loree O. Gallatin, 55, in January 2008 by the US Department of Labor in which he was ordered to pay restitution to his victim-employees. In the criminal case, Gallatin faces up to 5 years in prison, plus fines.
Read the story here.