Texan Stole $4.3 Million From Pension Plans

AUSTIN (CN) - A Texas man on Tuesday admitted he stole more than $4.3 million from four pension plans for which he provided administrative services.

Ricky Lynn Richardson, 64, of Lakeway, pleaded guilty Tuesday to a one-count felony information accusing him of theft and embezzlement from an employee benefit plan.

Richardson stole the money from the Texas Dental Association Pension Plan, according to the information.

Prosecutors did not identify the other affected pension plans.

Prosecutors say Richardson stole the money between 1998 and 2013 as head of Benefit Consultants, Inc., of Spicewood, Texas. They say he secretly misappropriated money and provided customers with false statements that led them to believe they still had the money in their retirement accounts.

Prosecutors seek forfeiture of assets, including several bank accounts, a Lancair Legacy FG aircraft and more than 38,400 shares of Studio One Media Inc.

Richardson faces up to 5 years in federal prison, up to $250,000 in fines and restitution. A sentencing date has not been scheduled. Richardson remains free on bail.

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