Pension Plan Thief Gets Five Years
AUSTIN (CN) - A Texan was sentenced to five years in federal prison for stealing more than $4.3 million from four pension plans for which he provided administrative services.
Ricky Lynn Richardson, 64, of Lakeway, must also pay more than $4.3 million in restitution, U.S. District Judge Sam Sparks ordered on Friday.
Richardson pleaded guilty in March to one count of theft and embezzlement from an employee benefit plan.
Prosecutors said he stole $941,234 from the Texas Dental Association in Austin, $2,504,258 from D.W.D. Engineering in the Houston area, $687,520 from Green Leaflet Inc. in Austin, and $229,800 from Albert T. Gross, M.D. in Austin.
He swiped the money from 1998 to 2013 when Richardson was head of Benefit Consultants Inc., of Spicewood, according to the criminal information.
Richardson "secretly misdirected or misappropriated money that belonged to the plans and provided customers with false statements, leading them to believe they still had the retirement money," prosecutors said in a statement.
Richardson will forfeit assets that include a Lancair Legacy FG aircraft and more than 38,400 shares of Studio One Media.