Vantage Benefits Administrators Inc. and its chief executive officer were hit with a $10.5-million judgment for draining millions of dollars from Caldwell and Partners Inc.'s 401(k) plan.
A federal judge in Texas March 8 issued a default judgment against the Dallas-based fiduciary firm and CEO Jeffrey A. Richie for $10,170,452 in damages, plus $297,836 in attorneys’ fees and costs for violating the Employee Retirement Income Security Act.
The decision comes months after the FBI raided the offices of Vantage in Dallas late last year to investigate allegations of missing retirement funds. Upon the news of the FBI investigation, CPI took ...
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