- Associated Press - Wednesday, March 19, 2014

AUSTIN, Texas (AP) - A Central Texas man who oversaw several pension plans has pleaded guilty to stealing about $4.3 million of the funds and submitting fake financial statements.

Prosecutors in Austin say 64-year-old Ricky Lynn Richardson of Lakeway on Tuesday pleaded guilty to theft and embezzlement from an employee benefit plan.

Richardson remains free on bond pending sentencing. He faces up to five years in federal prison and repaying the money.

Richardson administered four pension plans from 1998 to last year, doing business as Benefit Consultants Inc. in Spicewood. Prosecutors say he misdirected or misappropriated the money and provided customers with bogus financial statements.