DOL sues RiversEdge over alleged retirement plan theft

The U.S. Department of Labor has sued third-party administrator RiversEdge Advanced Retirement Solutions and its owner, Paul Palguta, alleging the theft of retirement plan assets, reports Plansponsor. The lawsuit follows an investigation by the DOL's Employee Benefits Security Administration, which found that at least $5.5 million in plan assets were transferred from a corporate custody account to a bank account for RiversEdge between October 2022 and January 2024.