The U.S. Department of Labor announced it obtained a court order against a Georgia investment firm and its owner to restore more than $1 million to a plumbers' pension plan.
C.S. Capital Management Inc. of Atlanta, Ga., and owner Paul H. Saylor are to restore $1,090,000 to the Plumbers and Pipefitters National Pension Plan as restitution for improperly investing $25 million in risky private placement bonds, the government said. The firm also was ordered to pay $109,990.91 in fines to the federal government.
Saylor said, "We have adamantly denied any wrongdoing and we continue to. We think this is outrageous. But we made a decision to settle this rather than fight the U.S. government."
He said the firm was brought in to manage the investment after the decision had been made to make the investment. He said all the firm's clients have been notified of the action.
Formerly known as Chadwick, Saylor & Co., the firm was hired in connection with an investment in the Playa Vista development project in Los Angeles, Calif.
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