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    Basil05's Avatar
    Basil05 Posts: 1, Reputation: 1
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    #1

    Jul 10, 2008, 12:53 PM
    401k safe from crimal judgement
    I'm going to be found guilty of embezziling money from my employer. Besides time spent in jail I'm guessing I will be ordered to pay restitution. I have a 401k with this employer. Is it safe from the being ordered to be paid back to my employer as part of the restituion the way 401k's are safe from bankruptcies?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 10, 2008, 01:10 PM
    Quote Originally Posted by Basil05
    I'm going to be found guilty of embezziling money from my employer. Besides time spent in jail I'm guessing I will be ordered to pay restitution. I have a 401k with this employer. Is it safe from the being ordered to be paid back to my employer as part of the restituion the way 401k's are safe from bankruptcies?


    "The assets in the 401(k) are not subject to garnishment and are not subject to the claims of creditors. However, when the funds are paid out, they are subject to the claims of creditors."
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Jul 10, 2008, 03:49 PM
    Hello Basil:

    Judy, of course, is correct in terms of civil law. In terms of criminal law, however, the funds are subject to seizure by the police or the courts. I'm surprised that hasn't happened yet. If not, they may not be interested in seizure.

    But, if you're found guilty of stealing money, they're not going to let you keep it - even if the funds in your 401K aren't the ones you stole. If you are ordered to pay restitution and/or fines, and you can't pay them out of liquid assets, you will be ordered to liquidate your account.

    Upon your conviction, you will be required to submit a financial statement. If you try to hide the existence of the account, and they find it, that will constitute a separate crime.

    excon
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