(WTNH) — A Connecticut businessman who cheated hundreds of his employees out of more than $3.3 million through phony administrators’ fees on their pension plans has been sentenced to 20 months in prison.
Federal prosecutors say 62-year-old Lee Ferguson, of Farmington, was also sentenced Monday to a year of probation and ordered to pay a $200,000 fine. Prosecutors say he deducted from $1.60 to $3.15 per hour from each employee’s benefits packages under the guise of “third-party administrative fees” and kept the money for himself.
He cheated more than 300 employees. Ferguson said he was ashamed of what he has done.