Home San Antonio Press Releases 2014 Austin-Area Man Sentenced to Federal Prison for Stealing Millions from Pension Plans

Austin-Area Man Sentenced to Federal Prison for Stealing Millions from Pension Plans

U.S. Attorney’s Office June 20, 2014
  • Western District of Texas (210) 384-7100

In Austin today, 64-year-old Lakeway resident Ricky Lynn Richardson was sentenced to five years in federal prison for stealing millions from pension plans, announced United States Attorney Robert Pitman and Federal Bureau of Investigation Acting Special Agent in Charge Christopher Combs, San Antonio Division.

In addition to the prison term, United States District Judge Sam Sparks ordered that Richardson pay approximately $ 4,362,813.59 restitution and be placed under supervised release for a period of three years after completing his prison term.

On March 18, 2014, Richardson pleaded guilty to a one-count information charging him with theft and embezzlement from an employee benefit plan. According to authorities, from 1998 to 2013, Richardson stole money from four separate pension plans for which he provided administrative services, namely approximately $941,234 from the Texas Dental Association in Austin, approximately $2,504,258 from D.W.D. Engineering in the Houston area, approximately $687,520 from Green Leaflet Inc. in Austin and approximately $229,800 from Albert T. Gross, M.D. in Austin. During the scheme, Richardson, doing business as Benefit Consultants Inc. in Spicewood, Texas, secretly misdirected or misappropriated money that belonged to the plans and provided customers with false statements, leading them to believe they still had the retirement money.

This investigation was conducted by agents with the Federal Bureau of Investigation and the Employees Benefits Security Administration of the Department of Labor. Assistant United States Attorney Alan M. Buie prosecuted this case on behalf of the government.