401(k) Sponsor Sues AIG Over Plan Embezzlement

Law360, New York (November 2, 2006, 12:00 AM EST) -- An aftermarket auto parts supplier filed suit against AIG Financial Advisors Inc. Wednesday, claiming the parent company that employed its 401(k) planner should be held liable for his fraudulent and illegal behavior.

In the suit, Beck/Arnley Worldparts Corp. contends that Spelman & Co Inc., who worked in affiliation with Stokes and his company 1Point Solutions LLC, failed to protect it from a 401(k) planner with a sketchy past. Spelman became part of AIG in 2005, so Beck/Arnley filed the suit as Spelman’s successor.

Beck/Arnley started its...
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