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Criminal Case Over 401(k) Hardship Withdrawals Advances in Ohio

Jan. 13, 2022, 4:35 PM

An Ohio home-health-care provider accused of taking more than $120,000 in fraudulent hardship withdrawals from his retirement account lost his bid to dismiss a federal indictment that alleges wire fraud, identity theft, and false statements under ERISA.

The decision, issued Wednesday in the U.S. District Court for the Southern District of Ohio, is one of the first federal court rulings to consider whether 401(k) plan participants accused of lying to obtain hardship withdrawals of their retirement assets can be guilty of wire fraud. In 2020, a federal judge in West Virginia granted an acquittal on similar charges, explaining that a ...

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