Lakeway man pleads guilty to stealing millions from pension funds

AUSTIN (KXAN) — A Lakeway man is facing five years in federal prison after pleading guilty to stealing millions from pension plans.

Ricky Lynn Richardson, 64, stole approximately $4.3 million between 1998-2013 from four separate plans for which he provided administrative services, police said.

While doing business as Benefit Consultants, Inc., in Spicewood, he secretly misdirected or misappropriated money that belonged to the plans and provided customers with false statements, leading them to believe they still had retirement money.

Richardson is out on bond and no sentencing date has been scheduled. The amount of restitution owed by Richardson will be determined during sentencing.

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