On Tuesday, August 29, 2017, an indictment was unsealed charging 63-year-old David L. Bonuccelli of Sacramento with embezzlement of retirement funds and false statements. The charges were announced by U.S. Attorney Phillip A. Talbert. The five-count indictment was returned by a federal grand jury last Thursday. The defendant is the founder and CEO of a real estate and investment advisory corporation.
The corporation provides employees with retirement benefit plans. On December 4, 2012 Bonuccelli is accused of embezzling roughly $517,000 from one of his employee retirement funds. The defendant is also accused of making false statements on forms he was required to file under ERISA associated with 2011 and 2012 end-of-year balances. According to the document submitted, the transfers had not occurred. In reality, they had.
The charges come after an investigation was carried out by the Department of Labor Employee Benefits Security Administration. At this point in time, David L. Bonuccelli remains innocent until proven guilty.