I am writing this letter in the hopes that you will disclose the unlawful practices of The Keith Companies, Inc. (TKCI) I was an employee of the firm for over two years. During that time, I noticed many unethical practices by the officers of the firm. I kept attentive as to these practices over time to determine what course of action I should take. Since I am no longer an employee, I feel it is my obligation to bring these mischievous practices to light so that the SEC can acknowledge the issues, inform the public and mitigate the problem.
The Keith Companies wage breakdown defies the compensation policy as defined by the Department of Labor. The firm has salary groupings according to color; The Blue Group is for technical staff which is compensated time and a half for any hours past 40 hours a week. The Red Group is for the management staff who is compensated by a yearly salary. Any hours past 40 can be stored in a "Comp Bank" to be used by the employee rather than vacation or sick time. Then there is the White Group. The majority of the employees are in this group. This professional staff is compensated by an hourly salary, but any time past 40 hours is paid straight time, not time and a half. This frustrates me because the firm refused to hire anyone to assist me once they put me in this group, knowing that they didn't have to pay me overtime and the firm reaped in the financial rewards of my labor. This is completely unethical and against the law, and I am not quite sure how they have gotten away with this for so long. If I counted how many hours I had worked overtime and added them up, the company would owe me approximately $10,000 dollars in overtime pay. If required, I would be more than happy to furnish copies of my timecards reflecting my overtime hours.
Another questionable practice by the firm is their depositing of 401K funds into the employees' accounts. Merrill Lynch currently maintains The Keith Companies 401K program. I have contacted them numerous times in regards to the firm's deposits and they were baffled as to how The Keith Companies was making them since they had no consistency. The Keith Companies would take money from my paycheck every two weeks, hold the money for a month in "who know's who's" account, then would deposit fractions of the money at a time. After considering how many employees are employed with The Keith Companies and multiply 5% of each of their salary contributions into the 401K plan, then figure the interest earned by The Keith Companies over the course of 30 days on all these employees' monies, the amount disgusts me. SHAME ON THEM! I left the firm the end of April, 2000 and I was still receiving deposits up until July, 2000. Where did all my money go? Obviously I wasn't earning interest nor was I able to invest the money I contributed because of The Keith Companies' unethical practices.
I am appealing to you to notify the public, make them aware of the shady dealings of this firm and investigate these issues. I will make every effort to let the public know about these issues on bulletin boards and warm them not to invest with a company who does not care about the force that drives the company's success, the people. I know for certain that I am not alone in questioning the legality of their practices. There are several employees who are still with the firm who will bring these issues to your attention as well once they are able to find other positions. I was fortunate enough to find a position with another firm whereas these other employees have families and responsibilities that force them to succumb to The Keith Companies and their mischievous ways.
Please contact me as soon as possible and let me know when the SEC will be able to investigate these issues. If you need any assistance, please do not hesitate to contact me.
philharpster, You are complaining about the TKCI 401K? I just wish that I was in their 401K. Most compaines give the option of putting all or a portion of ones investment in company stock. Looking at the chart, It appears to me that from July to present one would have made 60% on his investment. How can you complain about that?
You are the dumbest person I have ran into on these boards yet. Do you know what the SEC is for?
Here is an intro from their site:
"The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities markets. As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, these goals are more compelling than ever."
You must be a short or something. The SEC should investigate you for misleading the investing public.
Re <The firm has salary groupings according to color> I love the way you picked your words - your selections sort of give your charges an illegal EEOC slant to it.
Re <I will make every effort to let the public know about these issues on bulletin boards> Take a look at a one-month chart of TKCI. So far, you are not exactly shaking up any of us early investors in the Keith Co.
Still long and loving the Keith Company (though I liked their old Internet site better)
You are a moron. Why would the SEC give a rat's ass about your ridiculous employment grievances. Many companies hold 401(k) money for a while and reap the benefit of the float. Deal with it. And if paying you only straight-time were illegal, then I'm sure the state Labor Department would have already done something about it. In any event, TKCI is obviously better off without a disgruntled crybaby like you working for them. And no, I do not work for TKCI. I work for another company in the construction industry and part of my job is dealing with whiners like you. So fuck off.