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Compliance November 30, 2005
VA Company Owner Charged with Filing False 5500s
November 30, 2005 (PLANSPONSOR.com) - A federal
grand jury has indicted the owner of VPC Group Inc. of
Virginia Beach, Virginia on five counts of filing fraudulent
Form 5500 plan reports.
Reported by Fred Schneyer
A news release from the US Department of Labor (DoL) said Gary Lee Beavers was charged with preparing and filing the false 5500s for the Equipment Depot Inc. Employees Salary Reduction Plan & Trust for plan years 2000 through 2003, and the Glass Baron Inc. 401(k) Profit Sharing Plan for plan year 2001.
The indictment alleges that Beavers caused the plans to falsely report that financial statements and schedules were audited and received an opinion as to accuracy by an independent qualified public accountant, as required by the Employee Retirement Income Security Act (ERISA).
He also allegedly used the name of a specific certified public accountant, knowing that the accountant had performed no audits and had prepared no accountant’s opinions. The certified public accountant was unaware that his name had been used in this manner. If convicted, Beavers faces a maximum of 25 years in prison.