Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Ex-Principal Worker Accused of Stealing $167K

A former worker of Principal Financial Group has reportedly been charged with draining $167,000 from mutual fund accounts, and the Des Moines, Iowa, police last Wednesday issued a warrant for the arrest of Paul N. Germain, 62. If convicted, he faces up to 10 years in jail. According to the police, Germain had been siphoning money from the accounts since 1997 and the company didn't find out until a recent audit. A Principal spokeswoman assured that all of the money has been replaced in the shareholder accounts.

(c) 2006 Money Management Executive and SourceMedia, Inc. All Rights Reserved.