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FORMER PRESIDENT OF TRANSPORTATION COMPANY PLEADS GUILTY TO THEFT AND EMBEZZLEMENT

February 2, 2012

Little Rock - Christopher R. Thyer, United States Attorney for the Eastern District of Arkansas and Brian Marr, Special Agent in Charge of the Little Rock Field Office of the United States Secret Service, announced today the waiver of indictment and plea of guilty to a felony Information by Leander J. Muncy, III, age 44, of North Little Rock, Arkansas. The Information, which was filed in open court today, charges Muncy with one count of theft and embezzlement from an employee pension benefit plan.

From September 2004 until August 2010, Leander J. Muncy, III held various positions, including President and Vice-President, at Vouk Transportation, Inc., a transportation broker located in North Little Rock, Arkansas. Throughout that entire time period, Muncy served as trustee over the company's employee profit sharing plan.

At the plea hearing held before the Honorable Susan Webber Wright, Muncy admitted that while he was trustee, he embezzled $270,707.94 from the plan, $224,500 of which was in the form of 19 checks which he either wrote to himself or B&E Transport, a company he had formed. In addition to those checks, Muncy also diverted loan payments which were intended for the profit-sharing plan and deposited those into his personal account or cashed them for his use. The total amount of those diversions were $46,207.94. Prior to the discovery of the embezzlement, Muncy repaid the plan $25,000 in order to pay a distribution to an employee thereby resulting in a total loss of $245,707.94.

Thyer stated, “A financially comfortable retirement is the goal for which every American worker strives. Employees who devote years of dedicated and productive service to their companies deserve to enjoy the fruits of their labor during retirement. It is unconscionable that a company insider entrusted with the responsibility of safeguarding an employee benefit plan would divert the funds for his own use.”

Marr agreed, stating, “the Secret Service has always taken an aggressive stance regarding its financial crime investigations. We have done this since our inception in the 1800s. The successful prosecution of this embezzlement investigation regarding the Vouk Employee Profit-sharing Plan is a further testament to this dedication. It is unfortunate for the many members of this plan, who placed their trust and money with the defendant, that the defendant utilized his position in the company to embezzle the funds for his personal use and benefit.”

The statutory penalty for embezzlement from an employee benefit plan is not more than five (5) years imprisonment and a fine of up to $250,000. Muncy remains free on his own recognizance pending sentencing, which will be set by the Court at a later date.

The investigation was conducted by the United States Secret Service. It is being prosecuted by Assistant United States Attorney Karen Whatley.

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Christopher R. Thyer

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