The owner of a business in Tulsa, Okla., got five years’ probation for raiding $24,000 meant for the 401(k) accounts of 18 of his employees, Tulsa World reports.

Michael Paul Janc admitted in court that the money should have gone to the 401(k) accounts of employees at the now-defunct Commercial Mailing Systems.

U.S. District Judge Terence Kern ordered Janc to repay the money to the former employees in addition to $87,100 to two banks in an unrelated case concerned potential bank fraud. Janc took out the money as bank loans shortly before his company filed for bankruptcy in 2001.

Instead of the six to 12 months in prison the judge could have given Janc, he sentenced him to five years’  probation, the first six months of which he must stay at home.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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