NEWARK—A Wall man admitted to bilking a carpenters’ union pension fund where he served as an administrative manager out of $140,000, authorities said.
George R. Laufenberg, 72, pleaded guilty Friday before U.S. District Judge Kevin R. McNulty to one count of embezzlement and one count of making false statements in a report to the U.S. Department of Labor.
According to court documents and statements made in court, Laufenberg was the administrative manager of the Northeast Carpenters Pension Fund. The fund falls under the Employee Retirement Income Security Act (ERISA), authorities said.
Laufenberg was both a fiduciary and participant in the pension fund.
According to the U.S. Attorney’s Office in Newark, he admitted stealing $140,000 that was paid to him under a deferred compensation agreement—which allows payments to be made later, sometimes for tax breaks—that he wasn’t entitled to. Laufenberg also admitted that he made false statements in a form required under ERISA that he filed to the Department of Labor on behalf of the pension fund, authorities said.
The two counts can each bring up to five years in prison and a $250,000 fine if there’s a conviction.
Sentencing for Laufenberg is scheduled for Oct. 6
Ken Serrano covers crime, breaking news, investigations and local issues. Reach him at (732) 643-4029 or firstname.lastname@example.org.
This article originally appeared on Asbury Park Press: Wall NJ man admits to bilking carpenters’ union pension fund