In Re: Richard Alan Schoenfeld
| Hilda L. Solis |
| Richard Alan Schoenfeld |
| Richard Alan Schoenfeld |
| 2:2012cv02220 |
| March 15, 2012 |
| US District Court for the Central District of California |
| S. James Otero |
| Bankruptcy Withdrawl |
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Filing
44
JUDGMENT by Judge S. James Otero:1. Defendant Tomco Auto Products, Inc. and Defendant Richard Alan Schoenfeld are permanently enjoined from violatingthe provisions of Title I of ERISA; 2. Upon the appointment of an Independent Fiduciary as set forth below, Defendant Schoenfeld shall be permanently enjoined and restrained from serving as a fiduciary to any ERISA-covered employee benefit plan in the future; 3. Defendants Tomco and Schoenfeld are permanently enjoined from causing any assets to be r emoved from any account held in the name of the Plan. 4. An Independent Fiduciary will be appointed by this Court to manage and administer the Plan in accordance with ERISA for the benefit of the Plans participants and beneficiaries. The Secretary sh all have thirty days after the issuance of this Judgment to provide the Court with a motion seeking such appointment. On the date that this Court appoints the Independent Fiduciary, Defendants Tomco and Schoenfeld shall be required to pay all reasona ble fees and expenses necessary for the Independent Fiduciary tofulfill his or her obligations as set forth in this Judgment. 5. Once appointed, the Independent Fiduciary shall have the following powers, duties and responsibilities:(see document for specifics).6. Within fifteen days of the appointment of the Independent Fiduciary,Defendants Tomco and Schoenfeld shall be jointly and severally liable forproviding the Independent Fiduciary $69,511.36 in Plan losses caused bytheir fiduciary bre aches of ERISA. Postjudgment interest at the rate setforth in 28 U.S.C. § 1961 shall continue to accrue on this debt to the Planuntil the entire amount due has been repaid. 7. Defendant Schoenfelds $69,000 debt to the Plan is non-dischargea ble under 11 U.S.C. § 523(a)(4).8. This Judgment does not in any manner affect the right of the United StatesDepartment of Labor under 29 U.S.C. § 502(l) to assess a civil penaltyagainst such fiduciaries or other persons in an amount equal to 20 percent ofthe applicable recovery amount. Related to: MOTION for Default Judgment against Defendant Tomco Auto Products, Inc (MD JS-6, Case Terminated). (lc)
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