ROSEVILLE, Calif. (KTXL) — The Roseville Police Department said it arrested a man suspected of embezzling $2.2 million from a profit-sharing fund meant for retirees of business based in Sutter County.
The department said that trustees of a retirement investments fund for employees of an agriculture company contacted the Roseville Police Department in 2019 with concerns about a Roseville-based investment firm.
Police said that the trustees transferred $2.2 million of their fund over a seven-year period to Balance Point Analytics LLC after a representative from the firm, Robert Barnack, 64, convinced them they would get a higher rate of return with the firm.
Trustees eventually began to have concerns and repeatedly asked to have their investments liquidated and returned but were unsuccessful, according to police.
Police said a civil lawsuit revealed that Barnack had used their money for personal purchases from car dealerships, jewelry stores and gun stores.
Barnack was arrested by the U.S. Marshal’s office in June and he is being held without bail in Placer County.