WASHINGTON (Legal Newsline) - The U.S. Department of Labor filed a complaint Wednesday in Idaho federal court against Matthew Hutcheson, alleging he violated the Employee Retirement Income Security Act.
DOL claims that, toward the end of 2010, Hutcheson used more than $3.2 million representing the retirement plan savings of workers from multiple employers for his own personal expenses. He allegedly attempted to purchase an interest in the Tamarack Resort - a failed Idaho ski and golf resort.
This prohibited transaction has left affected retirement plans without sufficient funds to pay participants all the benefits owed to them, according to DOL. Hutcheson was also indicted criminally, in the same court on April 10, in connection with the same transaction.
"This is a case of a fiduciary violating the trust of retirement plan participants who relied on him to invest and grow their hard-earned savings," Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi said.
"The Labor Department is taking all actions necessary to recover money for workers who are counting on these savings for a secure retirement."