Dublin Business Owner Imprisoned For 401(k) Theft

A businessman from Dublin will spend a year in prison after prosecutors say he used $120,000 in employee retirement funds to pay for country club memberships, expensive cars and a condo on Lake Erie. 58-year-old Cliff Gallatin owned the now-defunct American Systems Consulting, an IT and web hosting business based in Dublin. Authorities say for more than five years he took retirement contributions out of employees’ paycheck, but instead diverted that money into the company’s general fund and wrote checks to himself to fund his lavish lifestyle. The judge in the case says he hopes the tough sentence serves as a warning to other corporate executives.