Business owner stole his employees' retirement

Michael Joseph Pearns, 58formerly of Agoura Hills, has been found guilty of stealing more than $97,000 from his former employees and business partners, the Ventura County DistricAttorney's office says.

From 1995 to 2000, Pearns and two business partners ran MJP Financial, also known as Mountain View Financial, a reaestate loan firm in Westlake Village.

While the firm was in business, 12 employees made 401(k) contributions from their personal paychecks.

As one of the trustees of the company's account, Pearns submitted paperwork to Morgan Stanley, the investment company where the 401(k) money was held, that allowed him to transfer all the employees' contributions into his own personal IRA.

When a former business partner of the firm and co-trustee of the retirement account learned what Pearns had done, she pressured him to return the stolen money. Pearns returned approximately about $72,000, but another $25,000 was never recovered.

After the verdict, Pearns' bail was revoked and he was remanded to the Ventura County Jail. Sentencing is set for April 16. He faces a maximum sentence of four years in state prison.