PORTLAND, Maine — The U.S. Department of Labor has sued Windham business owner Timothy Seavey and his furniture and appliance store based on allegations that Seavey improperly withheld $16,015 from his employees’ retirement plan.
Federal officials publicized the complaint filed Dec. 17 in a news release issued Monday. The release details allegations covering the period from September 2009 to the present.
The complaint from federal officials did not specify how many employees are affected by the alleged withholding from Individual Retirement Arrangement, or IRA, accounts.
The lawsuit seeks to recover those withheld contributions and additional damages based on the earnings and interest that may have resulted from the funds being invested at an earlier time.
The lawsuit also seeks to prevent Seavey from ever being in charge of a retirement plan covered by the Employee Retirement Income Security Act of 1974, or ERISA.
A summons issued Dec. 18 requires Seavey to respond within 21 days, making Thursday, Jan. 8, the deadline for response.