A former executive of a Delaware development firm has pleaded guilty to charges of stealing from an employ 401K pension plan.
Michael A. Stortini – the managing member of the Frank Robino Companies, a real estate development company in the Wilmington area, pleaded guilty yesterday before United States District Court Judge Richard G. Andrews to charges of Theft from an Employee Pension Benefit Plan and Willful Failure to Pay Over Tax. Sentencing has been scheduled for March 11, 2014.
According to prosecutors, in 2009, Stortini diverted more than $600,000 in funds from an employee 401(k) account to pay business expenses associated with the company.
Also in 2009 and 2010, Stortini failed to pay over $450,000 in payroll taxes to the Internal Revenue Service for entities related to the Robino company . Stortini transferred more than $900,000 from company accounts for his personal use, prosecutors stated.