U.S. Department of Labor Investigating Well-Known Fiduciary Advocate
Matthew Hutcheson, an independent fiduciary who has testified before Congress about the merits of advisers adhering to the highest standard of care when dealing with retirements plans, is under investigation by the U.S. Department of Labor (DOL) according to Bloomberg. Department of Labor spokesman Michael Shimizu confirmed that the agency is investigating Hutcheson.
“The fiduciary duty is the highest duty known to the law,” Hutcheson said in testimony before the House Ways and Means Committee in October 2009. The DOL’s investigation of Hutcheson allegedly centers on allegations by some of the clients of retirement plans he oversees that their retirement funds went missing on his watch. According to Bloomberg, two such clients are medical practices in Washington State and North Carolina who allege that $1,275,000 of their 401(k) plan funds have never been accounted for by Hutcheson. Per Bloomberg, when they were unable to get a response from Hutcheson about the missing money, they complained to the DOL.
Through his lawyer, Dennis Charney, Hutcheson has denied any wrongdoing.
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