California dentist ordered to pay back $100K in retirement funds taken from employees

A California dentist was recently ordered to pay back $100 million in retirement money taken from employees.

The U.S. Department of Labor obtained a default judgment against Paul Fillet, DMD, who was found to have unlawfully withdrawn more than $85,000 of employee retirement money from an employer-sponsored plan, used the money for non-plan purposes and then abandoned the plan, according to a news release from the Labor Department. 

The actions prevented two employees from accessing about $160,000 in retirement savings. 

The Regional Solicitor of Labor in San Francisco filed a complaint in 2023 following an investigation by the Labor Department's Employee Benefits Security Administration. The U.S. District Court for the Northern District of California issued the judgment against Fillet and his practice Jan. 2.

The judgment bans Dr. Fillet from serving as a fiduciary of employee benefit plans covered under the Employee Retirement Income Security Act. Dr. Fillet and his practice, which closed in 2020, were also found liable for $85,260 of retirement plan losses, $14,891 in lost opportunity income and $1,685 in independent fiduciary costs and fees. 

Dr. Fillet must restore these funds along with any interest accrued to the retirement plan by March 4.

The EBSA said it has not been able to contact Dr. Fillet and asked anyone aware of his whereabouts to contact its San Francisco office.

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