News and Press Releases

Former Pension Plan Trustee Sentenced For Embezzlement And Falsifying Annual Report

FOR IMMEDIATE RELEASE
April 26, 2012

CONCORD, N.H. – Bernard R. Mullan, 71, of Leominster, Massachusetts, was sentenced to 30 months in prison in United States District Court for the District of  New Hampshire, for embezzling from a New Hampshire company’s pension plan and falsifying an annual report filed with the United States Department of Labor (DOL), announced United States Attorney John P. Kacavas.

Mullan, an accountant and CPA, was a trustee of the employee pension plan for the Peterboro Tool Company, Inc., in West Peterborough, New Hampshire.  Over nearly 17 years, Mullan embezzled approximately $476,900.00 from the plan.  From 1992 through 1994, he stole approximately $225,000.00 from the plan.  He then filed an annual report with the DOL that falsely stated the plan’s true value and falsely overstated its net assets.  Mullan also embezzled approximately $251,900.00 from the plan between October of 2007 and early November of 2009.

Last January, Mullan pleaded guilty to embezzlement from the plan and to making false statements on an annual report he filed with the DOL.  In addition to sentencing Mullan to 30 months in prison, the court ordered him to serve three years of supervised release when his prison term is completed.  Mullan has repaid about $80,000 of the money he stole.  The Court also ordered him to repay the balance of the stolen funds totaling $396,622.71.   

This case was investigated by the Employee Benefits Security Administration of the Department of Labor and the Office of the Inspector General for the United States Department of Labor.  It was prosecuted by Assistant United States Attorney Mark S. Zuckerman.

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