The U.S. labor Department is suing a Dothan-based company and its former vice president for misusing more than $1.2 million in assets from the company retirement plan.
The lawsuit against H-and-H Doors and Hardware alleges the Employee Retirement Income Security Act was violated when assets held in bank, brokerage and investments accounts were being transferred to the accounts of H-and-H and Mark Hartzog.
It also alleges that plan assets were being used as security for a corporate loan. Hartzog also allegedly failed to collect numerous outstanding participant loans owed to the plan as the plan's trustee.
The suit seeks a court order to require that the company and Hartzog restore all money owed to the plan with interest and return all illegal profits received by them.
The department also asks the court to permanently bar the defendants from service to ERISA-governed employee benefit plans in the future and to appoint an independent trustee to administer the plan.
The company's retirement plan covered as many as 17 participants and had more than $1.1 million in assets at the end of 2000.
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