Lakeway man pleads guilty to stealing millions from pension funds

File Photo (AP Photo/Federal Bureau of Prisons)

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. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. If you see an inappropriate comment, please flag it for our moderators to review.

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