The U.S. Department of Labor has received a summary judgment ordering the defunct West Chester, Pa.-based Compass Capital Partners Ltd. and owner, Harris M. DeWese, to restore $661,206 to the company's retirement plan.
The judgment puts an end to a lawsuit filed by the DOL in August 2011 that cited violations of the Employee Retirement Income Security Act.
The suit came after an investigation by the DOL's Employee Benefits Security Administration, which discovered DeWese withdrew plan funds eight times between October 2006 and October 2007, and then deposited them into his personal account as well as a Compass Capital Partners bank account. Those funds were used by DeWese to pay the company's operating expenses, and a portion was transferred to Tampa, Fla.-based Hillsboro Printing, a company in which DeWese was a shareholder. Compass Capital Partners has since terminated operations, and the plan could not pay benefits to retired participants because of DeWese's actions.
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