MINNEAPOLIS — A Minneapolis businessman has been sentenced to 3 ½ years in prison for embezzling more than $755,000 from his employees’ pension plans.
Acting U.S. Attorney Gregory Booker says 66-year-old Lighting Affiliates Inc. owner Wallace Gregerson ended his fraud scheme “only because there was no more money to steal.”
Booker says Gregerson drained the profit-sharing portion of the pension plan between February 2011 and July 2013, and employees’ 401(k) accounts between December 2014 and March 2015. Authorities say he used the money for business expenses and personal expenses including country club dues and his daughter’s tuition payments.
Gregerson pleaded guilty in March to mail fraud and was sentenced Wednesday.