Company president gets year in prison in 401(k) theft

[Omaha Steve]

http://www.omaha.com/index.php?u_page=1208&u_sid=10579515

Published Thursday March 5, 2009
Company president gets year in prison in 401(k) theft
THE ASSOCIATED PRESS

The president of a Papillion medical staffing company accused of concealing the theft of more than $111,000 from employees’ 401(k) plans has been given a year in federal prison.

Sixty-six-year-old Marilyn Adams of Omaha also was ordered to pay back what was stolen.

She was sentenced Tuesday in U.S. District Court for failing to file a required Department of Labor form. Prosecutors dropped a theft charge after a plea deal.

Adams and chief executive Jeffrey Adams, her son, were indicted in April 2008. They operated AMS Healthcare Services, which stopped operations in 2006. It was replaced with a similar company under the same management called AMS, LLC.

Jeffrey Adams has pleaded guilty. His sentencing is set for April 20.

[catzies]

1. That happened to me in the recession of 90-91

The boss stole our payroll income taxes withheld, stole the company's portion of payroll taxes and looted the 401k. Went to jail. Think he's still there. But we didn't know any of this right away. He was an 8a government contractor on a cost pus fixed fee contract and a whole bunch of us moved on to the next contractor after it expired.

So since it turned out the W9s we received were just copies and the originals weren't even filed, we have nothing paid into our Social Security accounts and I see it as a 2 1/2 year hole on my statements of earnings. It happened to about 50 of us.

[GoesTo11]

2. If $100k stolen from a 401k merits a year in prison

How many years in prison does wall street deserve? Ok, I'll follow this trail. $20 trillion gone, so that's about 200 million years of jail. Spread it around proportional to the bonuses received!