Mo. U.S. Attorney: Former Vice President of Synergy Concepts Pleads Guilty to Stealing Funds

ST. LOUIS, Missouri, Sept. 25 -- The office of the U.S. Attorney for the Eastern District of Missouri issued the following news release:

Steven Walters, 52, of St. Peters, Missouri, pleaded guilty to one felony count of theft or embezzlement from an employee benefit plan. Walters appeared in federal court today before U.S. District Judge Rodney Sippel who accepted his plea and set his sentencing date for December 19, 2019.

According to court documents, Walters began his employment with Synergy Concepts Inc. on or about August 2001. In 2014, Walters was the Vice-President and Secretary of Synergy Concepts Inc. Defendant Walters, on behalf of Synergy Concepts Inc., acted as the co-trustee for a company retirement plan that was funded from voluntary contributions by the employees. From May of 2015 through August 2016, Defendant Walters, as an officer of Synergy Concepts, Inc., failed to transfer withheld funds destined for the retirement plan and instead diverted the funds for other purposes, including his own personal use. Defendant Walters did knowingly embezzle, steal and unlawfully and willfully abstract and convert to his own use the money, funds, securities, premiums, properties and other assets of the employee pension plan that resulted in a total loss of $72,817.27.

"Steven Walters abused his former fiduciary position as Trustee of the Synergy Concepts Retirement Plan by diverting employee contributions and loan repayments for his personal use. We will continue to work with our law enforcement partners and the U.S. Department of Labor's Employee Benefits Security Administration to protect the integrity of employee benefit plans," said Irene Lindow, Special Agent-in-Charge, Chicago Region, U.S. Department of Labor Office of Inspector General.

This case is being investigated by the Department of Labor, Office of Inspector General. Assistant U.S. Attorney Gwendolyn Carroll is handling the case for the U.S. Attorney's Office.