Utah 529 director misdeeds are detailed
The reports of the Utah State Auditor and the Internal Audit department of the Utah Higher Education Assistance Authority regarding the activities of former 529 director Dale Hatch have been released and are available on the program website.
The auditors determined that Hatch had set up accounts under his own name in the state's 529 savings program that actually belonged to one of his clients. According to a letter discovered by the auditors, Hatch intended to personally claim Utah state income tax deductions for contributions to the accounts, and later transfer ownership of the accounts back to the client.
The report also indicates that Hatch misappropriated over $500,000 by transferring program funds into accounts he controlled through overstated market adjustments.
Return to 529 News centerThe auditors determined that Hatch had set up accounts under his own name in the state's 529 savings program that actually belonged to one of his clients. According to a letter discovered by the auditors, Hatch intended to personally claim Utah state income tax deductions for contributions to the accounts, and later transfer ownership of the accounts back to the client.
The report also indicates that Hatch misappropriated over $500,000 by transferring program funds into accounts he controlled through overstated market adjustments.