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.
Texas Man Sentenced for Taking $4 Million from Pensions
Copyright AP - Associated Press
