Local News
Eyewitness Sports
Medical Coverage
Call 12 For Action
Target 12 Investigators
More Details
What's On WPRI
What's On Fox
This Morning Weekend
Experts Online
Online Store
Chopper 12
Station Info

 May 14, 2005
401k Theft
Email to a Friend Printer Friendly Version  

401-k theft federal officials say it's happening at an alarming rate. What can you do to make sure the money taken out of your paycheck each week actually goes where it's supposed to?  Call 12 for Action uncovers this very scary scam.


Barry Ruck knew he had trouble on his hands when he tried to check his 401k account online. In fact, his account was frozen. Money had not been deposited for some time. The problem?  Contributions were being taken out of Barry's weekly paycheck all along.  Barry says more than 3-thousand dollars was stolen.  His employer now facing charges for failing to deposit those funds, instead keeping the money for himself.


Two billion dollars in assets are now in 401k plans.  So whenever you have that much money, you're going to have people who will take advantage of it. The department of labor recovered 32-million dollars in stolen 401k funds last year.  The biggest warning signs to tell if your 401k is in trouble? No movement or a sudden drop in your account balance unrelated to the stock market, statements arriving late, and your employer regularly changing the plan administrator.


Any time you know that your company is facing any financial difficulties, be a little more cautious. Barry ultimately had to get the authorities involved, while he doesn't have his missing money back yet, he's hopeful.


If you think money is missing from your 401k you need to contact the Department of Labor immediately.


Local News
Fugitive returned to Massachusetts offers to take polygraph
Eyewitness News RSS Feeds
Try the very latest way to read Eyewitness News headlines. Never miss an important story!
Roger Williams University graduation
No charges in connection to pub crawl death
Judge removes himself from Plunder Dome source case
Cianci to appear by videoconference for resentencing
Family abandons home in Hillsboro, found in Mass.
Senate approves two bills regulating medical examiner�s office
Four AmeriCorps programs get federal funds
Central Falls gets $73,854 for emergency services
National News  more» 
Runaway bride inspires sauce, action figure
From Petro to Arco to Invesco: the ultimate sports roadtrippers
Pilot who created an emergency in Washington could lose license
New Mexico governor criticizes GOP Congress for gridlock
Piece of Dealey Plaza fence up for auction
President says more must be done to conserve energy
Roller coasters fans are in for a treat
Hurricanes spread citrus canker in Florida
Lincoln Park Zoo under scrutiny after three endangered monkeys die
Texas judge who threw party to celebrate fugitive's capture apologizes
Send questions and comments about this website to the .
All content © Copyright 2003-2005 WorldNow, WPRI, WNAC and Associated Press. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.