A former automotive mogul and trustee to several pension plans has been banned from being a fiduciary by a federal judge and ordered to pay restitution for illegally using plan assets.
George Hofmeister, founder and chairman of Revstone Industries, a Michigan-based automotive supplier consortium, will repay $300,000 in restitution to several pensions sponsored by companies he owned.
Revstone filed for Chapter 11 bankruptcy at the end of 2012.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
