South Florida Third Party 401(k) Plan Administrator Fraud and Misrepresentation Litigation Attorney:
The Florida Office of Financial Regulation (OFR) recently announced the March 9 arrest of James Allen Hall in Kansas by the Crawford County Sheriff’s Office. Hall has been charged with grand theft, and he is currently awaiting extradition to Florida. The case is being prosecuted by the Office of Statewide Prosecution in Orlando. The OFR initiated the investigation into Hall as a result of a tip from the Financial Industry Regulatory Authority (FINRA).
Hall acted as a Third Party Administrator of 401(k) plans for several Florida and out-of-state companies. Hall is alleged to have changed plan participants’ email and residential addresses to his own without the participants’ knowledge or consent. Further, he allegedly generated fraudulent expenses under the guise of administrative, miscellaneous, annual and participant fees for his own personal gain. Hall purportedly placed sell orders on mutual fund holdings to fund his falsified expenses. It is believed that Hall received more than $800,000 in illegal gains as a result of this scheme.