A Sacramento businessman has been charged in federal court with embezzling from his employees’ retirement funds.
An indictment was unsealed Tuesday charging 63-year-old David L. Bonuccelli with embezzlement and making false statements regarding the retirement funds, according to a U.S. attorney’s office news release. A federal grand jury returned the five-count indictment Thursday.
Bonuccelli is the founder and CEO of a real estate and investment advisory corporation that provides retirement benefit plans to its employee.
On Dec. 4, 2012, Bonuccelli allegedly embezzled approximately $517,000 from one of his firm’s employee retirement funds, which is protected under the Employee Retirement Income Security Act of 1974, or ERISA, the news release said.
He also is accused of making false statements on forms required under ERISA regarding the 2011 and 2012 end-of-year balances, indicating that certain transfers had not occurred, although they had, according to the news release.
The case resulted from an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration.