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.