This Dallas-based “full service employee benefits consulting firm”, as it marketed itself, specialized in corporate benefit programs, with an emphasis on plans with less than $10 million in assets. Vantage was searched under warrant by the FBI amid ‘“concerns that money may be missing from retirement accounts the company manages.”’ At least one Vantage client notified its employees of a potential breach in the security of their retirement accounts. Curiously, the CEO of the organization was sanctioned by the SEC in 2008 when working for a retirement services company he was running at that time, and barred from the investment business for three years for “conducting an unregistered and fraudulent offering of securities.” A $4.3 million judgment was assessed, but eventually waived based on his financial condition.
www.401kspecialistmag.com; October 31, 2017.
www.napa-net.org; November 1, 2017.