Lakeway man gets 5 years for stealing millions, must pay money back

KXAN file photo

AUSTIN (KXAN) — A Lakeway, Texas, man was sentenced to five years in federal prison for stealing millions from pension plans over several years.

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

In addition to the prison term, U.S. District Judge Sam Sparks ordered Richardson to pay $4,362,813.59 in restitution and be placed on supervised release for three years after the completion of his prison term.

Richardson pleaded guilty in March to theft and embezzlement from an employee benefit plan.

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. 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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