A Red Oak, Texas, couple pleaded guilty to embezzling $15 million from 13 of the pension plans and seven of the retirement plans they administered.
Vantage Benefits Administrators co-owner Wendy Richie, 59, pleaded guilty to two counts of theft from an employee benefit plan and one count of aggravated identity theft. Her husband, Vantage co-owner Jeffrey Richie, 55, pleaded guilty to two counts of aiding and abetting theft from an employee benefit plan. Their company served as third-party administrator for dozens of pension and retirement funds.
According to plea papers, Ms. Richie admitted to using fund beneficiaries’ personal information to submit $15.2 million in fraudulent distribution requests to Matrix Trust, the funds’ custodian from 2014 and 2017. Instead of depositing the money into beneficiaries’ accounts, she transferred it into Vantage’s operating account, then into personal bank accounts.
At least $6.2 million of the $15.2 million Ms. Richie embezzled was taken with Mr. Richie’s knowledge, he admitted. In total, the pair admitted to submitting more than 90 unauthorized distribution requests.
Ms. Richie faces up to 12 years in federal prison; Mr. Richie up to 10 years. They may be required to pay restitution as well as a $500,000 fine.
[More: 401(k) lawsuits keep piling up]
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