Parrot Cellular pays $4.2M to stop EBSA squawking
Executives of Parrot Cellular, a Central Valley and Bay Area cellphone retailer, have agreed to pay just under $4.2 million to the company’s employee stock ownership plan (ESOP) following a probe by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA). Investigators found that company owners had the plan buy company stock at highly overvalued rates.
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