David Saks: Austin-Area Man Sentenced for Stealing Millions from Pension Plans

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Austin-Area Man Sentenced 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.


David Saks

Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • June 20 2014 08:04PM


How sad someone would take away peoples security and their ability to fulfill their future dreams. Would be nice if part of his sentence was to work at a low level job and pay all of his income to the people he took advantage of during his crime spree.

Posted by Anna Hatridge, Missouri Realtor with Goodson Realty (Goodson Realty) over 5 years ago

It's amazing what people try to get away with!

Posted by Catherine Ulrey, Equestrian and Acreage Property Specialist (Keller Williams Capital City) over 5 years ago

Hmmm... let's see Anna.

A low level job at 30 thousand a year ?


He should be square with everyone in 146 years.

Posted by David Saks ((retired)) over 5 years ago

Not anymore in this business, Catherine.

Here's some proof for you.

Just click the little red button.

Real Estate Crimes

Posted by David Saks ((retired)) over 5 years ago

There is no excuse for things like that. Some people just do not believe in KARMA! I certainly do!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 5 years ago

They don't believe they'll get caught, either, Barbara-Jo, but they do, like the swindler who tried to pull this caper off 16 years in the making.

Posted by David Saks ((retired)) over 5 years ago

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