An individual was recently found guilty of three counts of bank fraud and one count of aggravated identity theft. A federal grand jury charged Hoa Vo of Santa Ana, California, with siphoning hundreds of thousands of dollars from Boeing workers’ retirement account.
Per the indictment, Vo gathered the sensitive identifying information of Boeing workers, along with details of their retirement accounts from January 2019 to June 2019. Subsequently, he allegedly made fraudulent withdrawal requests for electronic money transfers and checks, amounting to hundreds of thousands of dollars from employee accounts.
Vo tried to snatch roughly $783,328 from Boeing workers, though he obtained only $360,847. If convicted of charges, Vo will face statutory maximum sentencing of 92 years in prison.
As you can see, breaches of retirement accounts are quite severe and can cause immense damage to innocent plan participants and fiduciaries. That’s why it’s important to obtain Cyber Liability Insurance! Cyber Liability Insurance from Colonial Surety Company secures the data in the case of a fiduciary breach and protects the plan in full. To make sure you’re taking all the correct steps to safeguard the participants of your employee benefit plan, it is legally required you to secure an ERISA bond. However, you, the fiduciary, are left unprotected if plan participant claims arise. Our Fiduciary Liability Insurance safeguards the plan fiduciary from actual or alleged claims of breaches of fiduciary duties. Our ERISA bond packages include ERISA coverage, Fiduciary Liability Insurance, Cyber Liability Insurance. Click here to get the coverage your company and its employees deserve.