By Bloomberg Law Automation
Sept. 9, 2022, 4:56 PM
A federal judge approved an order for Michael Olszewski, owner of Chicago-area real estate company Area Wide Realty Corp., to restore losses to the company’s pension and profit-sharing plans after the Department of Labor allegedly found funds to have been misappropriated, according to the DOL Friday.
Olszewski has been ordered to pay a penalty of $15,845 for allegedly violating the Employee Retirement Income Security Act of 1974, and is barred from serving as a fiduciary, the agency said. He also agreed to terminate the plans and distribute more than $400,000 to participants and beneficiaries within six months of the entry …
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