Owner of defunct Charleston business indicted for embezzling from IRA plan
A federal grand jury in Charleston has indicted the owner of a closed heating and air-conditioning contractor for embezzling about $17,800 from an employee retirement plan.
Leonard P. Miles Jr., also known as Perry Miles, is president and owner of Wappoo Oil Service Inc., which did business as Wappoo Service Heating & Air Conditioning in West Ashley.
Miles also was the plan administrator for the contractor’s individual retirement account, which was funded with withholdings from employee paychecks.
He took the money from the IRA for his personal use between January 2007 and July 2009, according the indictment filed today in U.S. District Court.
The government is seeking an order requiring Miles to repay the money or forfeit property or other assets equal to the value of the stolen funds.
A filing at the S.C. Secretary of State shows that Wappoo Oil Service was formed in 1961 on Folly Road.
Wappoo Service Heating & Air Conditioning operated on Belgrade Avenue, between Sam Rittenberg Boulevard and Wappoo Road. It is no longer in business.