Named for the section of the tax code that created them, 401(K)s and similar accounts are the mechanism by which 58 million U.S. workers in private industry are able to save money for retirement as companies cut back or eliminate traditional pension plans.

At large employers, the company itself is usually the fiduciary for the 401(k). Hiring an independent fiduciary is becoming more common, especially among smaller companies, as they seek to limit their liability for investments that perform poorly.

Complete Reliance

"Most companies don't have the knowledge or experience, so it makes sense to hire someone who does this for a living," said Kenneth Raskin, an attorney specializing in compensation and benefits at law firm King & Spalding LLP in New York. "These companies completely rely on and trust these independent fiduciaries."

Hutcheson was visible in the industry. He testified before Congress and held trainings for fiduciaries around the country. Motivational speaker Stephen M.R. Covey, son of Stephen R. Covey, author of "The 7 Habits of Highly Effective People," was featured to speak at one in New York, according to Hutcheson's Website.

Covey didn't return telephone messages.

G Fiduciary, where Hutcheson was independent fiduciary until the middle of this year, was founded by Dan Peterson, a partner at Peterson Partners, the private-equity firm in Salt Lake City that was among the first investors in JetBlue Airways Corp.

BenefitGuard

G Fiduciary was a multiple-employer plan, meaning it offered 401(k) services to various companies using the same guidelines and investments. It has since been renamed BenefitGuard Retirement Income Security Plan, according to an annual filing with the U.S. Government.

"We have been in contact with the Department of Labor to cooperate in its investigation of Matt Hutcheson's activities," Peterson said in an e-mail. In an interview, he said he couldn't discuss the matter further because of the Labor Department's investigation.

Property records show that Hutcheson lived in Orem, Utah, and Kennewick, Washington, before moving to Portland, Oregon. He was a hunter and fisherman there, taking out licenses from 1997 through 2009, according to public records.

Hutcheson bought a house in Eagle, Idaho, near Boise, in late 2009. He remodeled it, adding a swimming pool that was 46 feet (14 meters) long, according to a building permit. He added a 4,100-square-foot barn with a second-floor apartment, an office overlooking a riding arena, and a room for displaying his guns, according to a person who worked on it. The property had a heated doghouse, the person said. Charney, Hutcheson's lawyer, said the doghouse had just a space heater.

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