Bunnell Company Owner Pleads Guilty To Theft Of Employee Retirement Funds
Jacksonville, Florida – United States Attorney A. Lee Bentley, III announces that Andrea Lynn McCarthy (63, Volusia County) has pleaded guilty to embezzlement from an employee benefit plan. She faces a maximum penalty of 5 years in federal prison. A sentencing date has not yet been set.
According to the plea agreement, McCarthy is an owner of Truss Systems, LLC, a truss manufacturing business in Flagler County. She embezzled all of the funds from the business’ corporate profit sharing plan and unlawfully used the pension funds to pay personal and other unrelated corporate expenses. She used some of the funds to pay personal investment obligations in another unrelated company she co-owns. The corporate profit sharing plan was a federally protected plan under the Employee Retirement Income Security Act (ERISA).
In 2009, Truss Systems was having financial issues. In order to make the company’s payroll, pay vendors, satisfy the company’s mortgage payments, and pay financial obligations of her unrelated company, McCarthy made 15 separate and illegal electronic funds transfers from the company’s profit sharing plan’s account. This embezzlement, totaling $111,625.00, was accomplished by electronically transferring funds from the plan’s account to the company’s operating account. McCarthy then wrote checks from the operating account to cover personal and business obligations. She depleted the employees’ profit sharing account.
This case was investigated by United States Department of Labor. It is being prosecuted by Assistant United States Attorney Mark B. Devereaux.