Just to give you an update on Plan Compliance Group and "Bill" Reimers......
He pled guilty on March 23rd to bilking investors and school districts out of $7 million dollars. His sentencing will be on October 26th. He could get up to 20 years on each of 7 counts.
Plan Compliance Group was a Third Party Administrator of 403(b) plans in California.
In addition, Hal Hopkins of Flagship Admin, a TPA out of Ohio plead guilty to 39 Felony counts and will have a sentencing hearing on November 19th.
On Yet another TPA that went bankrupt and stole customer funds, NEBSOnline, the former CEO Bruce Kosinski became ill and died on March 13, 2007. He is the second person from the company to die since the company went under, the first, the CFO committed Suicide. The bankruptcy dissolution is still underway, but almost finished.
That is the update on the three TPA's that have gone belly up and stolen district money in the past three years.
Bottomline - Districts need to be more careful with whom they choose as a TPA.
Scott Dauenhauer, CFP, MSFP, AIF
