The recent sentencing of financial advisor Matthew Hutcheson to more than 17 years in prison for stealing from employer-sponsored retirement plans is a reminder that violations of the Employee Retirement Income Security Act of 1974 can result in criminal penalties for advisors. "People don't realize that they can go to jail for ERISA crimes," said Marcia Wagner, managing director of The Wagner Law Group. "This is a real issue. You don't just pay [a fine] and get out of it."
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