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Member, Beacon International Group, Ltd.
The CEO of New York-based financial advisory firm The Maddox Group has pleaded guilty to two counts of wire fraud and one count of making a false statement to the Internal Revenue Service for defrauding clients and failing to pay contributions made by his employees to the firm’s 401(k) plan, Plansponsor reports. According to the U.S. Attorney’s Office for the Southern District of New York, Belardino pled guilty to failing to deposit a little over $8,000 into the plan’s trust account that he had withheld from the paychecks of the four Maddox employees other than himself who participated in the plan.