DOL claims TPA embezzled money

The Department of Labor (DOL) has sued Paul Palguta, the owner of RiversEdge Advanced Retirement Solutions LLC, a third-party administrator for embezzlement of plan assets.

RiversEdge’s retirement plan clients had agreements with the TPA, allowing Palguta and RiversEdge to execute trades and direct the disposition of the plan’s assets.

According to the complaint, RiversEdge made multiple transfers of plan assets from the corporate custody account at Mid Atlantic Trust Company to an account at PNC Bank for FBO RiversEdge Advanced Retirement Solutions. According to the DOL, RiversEdge made no transfers from the PNC account back to any account at Mid-Atlantic.

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