Well over a week ago, I got the startling news that the FBI closed down the office of Vantage Benefits, a Dallas based third-party administrator. I didn\u2019t make any comment on it until it was properly reported that their offices were closed because I know how rumor and innuendo can hurt a business.<\/p>\n
I know of Vantage Benefits and I know Jeff Richie, so I still can\u2019t believe the news. I understand why people may commit financial crimes, but I don\u2019t understand why anyone would embezzle plan assets in a fiduciary capacity because it\u2019s easily self-incriminating. From a self-incrimination standpoint, I think trying to rob a bank gives you better odds that stealing assets from a retirement plan you serve as a plan provider and\/or fiduciary.<\/p>\n
If the allegations are true, then it\u2019s another black eye for the industry coming just a few years after the Matt Hutcheson debacle. I was involved in the Hutcheson debacle having succeeded him as a fiduciary for the only plan he didn\u2019t steal from as the allegations start to pop up. Like that situation, this story can be a learning experience for plan sponsors and plan providers in properly vetting plan providers as well as putting procedures in place to make sure assets aren\u2019t misused.<\/p>\n
I\u2019m looking forward to an investigation into this matter, no matter the outcome.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Well over a week ago, I got the startling news that the FBI closed down the office of Vantage Benefits, a Dallas based third-party administrator. I didn\u2019t make any comment on it until it was properly reported that their offices … Continue reading