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Texas Man Sentenced for Taking $4 Million from Pensions

Friday, Jun 20, 2014  |  Updated 3:25 PM CDT
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Texas Man Takes $4M from Pensions

A Central Texas man has been sentenced to five years in federal prison for stealing more than $4 million from pension funds for which he served as an administrator.

Ricky Lynn Richardson of Lakeway was sentenced Friday in federal court in Austin. The 64-year-old Richardson pleaded guilty in March to theft and embezzlement from an employee benefit plan.

Prosecutors say from 1998 to 2013 he stole $4.3 million from four separate pension plans. More than $2.5 million was taken from a benefit plan for an engineering company in the Houston area, and another $941,000 was stolen from a dental association based in Austin.

Authorities say Richardson misdirected or misappropriated money and provided customers with false statements that led them to believe their retirement money was intact.
 

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