Fraud Scheme Targeting 401(k) Accounts Uncovered
A scheme to fraudulently transfer funds from plan participant accounts by unauthorized persons has been uncovered by the Denver Division of the FBI. "According to the suit, the FBI’s Denver Division was contacted by in November 2016 by Great-West Financial’s VP of Internal Audit regarding allegations of fraudulent transfers from clients’ 401(k) accounts from JP Morgan. At that time, Great-West Financial had 20 participants affected and a loss of at least $1 million with a potential loss in excess of $2 million, according to the suit." Click here to read more.
Source: ASPPA Net