The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
The U.S. Attorney's Office for the Middle District of Pennsylvania announced Friday that criminal charges have been filed in U.S. District Court in Williamsport against Derl Knarr, 55, of Herndon.
According to U.S. Attorney Peter J. Smith, Knarr is charged in a one-count felony, information with stealing insurance funds, while he worked for Allstate Financial Services. The thefts are alleged to have occurred between 2006 and 2012, and total more than $630,000.
Knarr has signed a plea agreement in which he is to make full restitution.
The investigation was conducted by the FBI, State College Resident Office. Assistant U.S. Attorney Wayne P. Samuelson is assigned to prosecute the case.
In this case, the maximum penalty under the federal statute is 10 years imprisonment, a term of supervised release following imprisonment, and a fine of more than $250,000. Under the federal sentencing guidelines, the judge is also required to consider and weigh a number of factors, including the nature, circumstances and seriousness of the offense; the history and characteristics of the defendant, and the need to punish the defendant, protect the public and provide for the defendant's educational, vocational and medical needs.