LIVE NOW /
Watch News 8 at 5:30pm

Businessman gets prison time for cheating his employees

Crime
wooden-judges-gavel_306811

(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.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss