A 60-year-old man has been charged with draining more than USD 3.85 million from his corporation’s benefit plans. He used the employee pension and medical plans of a home health care corporation he owned himself.
Floyd W. Seibert pleaded guilty to just one count of embezzlement. For this he could be punished getting up to 5-year imprisonment, paying a fine of USD 250 000 and getting 3 years of supervised release when sentenced.
Seibert’s attorney, Frederick Robinson said that his client was hoping to put these matters behind him and go on with his life.
Seibert was the owner of Central Home Care Services Inc. with a home office in Largo, most operation of which was based in Texas and Oklahoma.
In the period of April 1999 – October of 2001, Floyd W. Seibert transferred funds from Central Home Care’s pension and medical plans to a British Virgin Islands-based shell corporation, Health Care International Holdings and exchanged money for Health Care International bonds, although, the shell company had just USD 1 000 in assets. The offshore company was run by a fictitious Martin Mesquite. Having transferred the money to the offshore company, Floyd W. Seibert transferred it to his other companies.
As a result, Seibert stole millions of USD in pension and health assets belonging to the employee benefit plan.