The board of trustees of the fund that provides health and pension benefits for SAG members announced Friday that there will be a "full review" of allegations that CEO Bruce Dow covered up a $5 to $10 million embezzlement scheme.
In a statement, the board said it had retained outside counsel to conduct the investigation.
TheWrap broke the news that Craig E. Simmons,, an ex-employee of the Screen Actors Guild's Producers Pension and Health Plans (SAG-PPHP), had filed a complaint with the U.S. Dept. of Labor seeking a civil and criminal investigation into charges of fraud and theft.
Also read: CEO of SAG Pension Plan Accused of Embezzlement Cover-Up (Exclusive)
Simmons also wrote letters to the plans' trustees alleging that Dow brushed over an embezzlement scheme by former Chief Information Officer Nader Karimi and oversaw an office environment in which sexual harassment and homophobia were permitted.
The letter also charges Dow with using the plans to give lucrative jobs to friends and family members and pay for breast enhancements for his wife.
An attorney for the plans called the allegations "completely without merit" and an attorney for Karimi also denied the charges.
On Friday, the board said Dow continued to have its "full support," noting, ""Bruce Dow has a nearly thirty year unblemished record of running this organization."
In a separate statement, SAG-PPHP said it remains "…committed to the highest level of fiduciary and ethical standards and providing the highest level of service to plan participants and employers."