The US Labor Department is seeking injunctive relief against a Pennsylvania retirement plan administrator that it says embezzled money from the plans it manages and improperly moved money among unrelated plans.
The department’s Jan. 26 lawsuit targets RiversEdge Advanced Retirement Solutions LLC and its president and owner, Paul Palguta, over the company’s management of more than 200 employer-sponsored retirement plans. According to the department, RiversEdge repeatedly used money from one plan to complete transactions on behalf of different, unrelated plans and improperly moved plan assets into its own corporate account in violation of the Employee Retirement Income Security Act.
The ...
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