Pittsburgh, Pa ( WJET/WFXP ) — An emergency restraining order has been issued to protect retirement assets handled by a western Pennsylvania retirement solutions company accused of embezzling over $5.5 million in retirement assets along with the company’s owner.
The emergency restraining order was issued on Feb. 5 by the U.S. District Court for the Western District of Pa. to protect retirement assets managed by RiversEdge Advanced Retirement Solutions LLC in Pittsburgh, which is owned by Paul Palguta.
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Both Palguta and RiversEdge Advanced Retirement Solutions were accused by the U.S. Department of Labor (DOL) on Jan. 26 of embezzling at least $5.5 million from 17 retirement accounts from Oct. 2022 to Jan. 24 by moving assets from retirement plan trusts to their own corporate accounts.
According to the DOL, Palguta and RiversEdge Advanced Retirement Solutions allegedly filed false reports that said the retirement accounts had more assets in them than they could process.