October 2018-Red Oak, Texas
Jeffrey Richie, 53, and his wife Wendy Richie, 58, of Red Oak, TX, (a suburb south of Dallas) were indicted for conspiracy, theft from an employee benefit plan, wire fraud and aggravated identity theft. An indictment filed in the Northern DIstrict of Texas alleges that they embezzled $14.5 million from retirement accounts. If convicted on all counts, the Richies face up to 81 years in federal prison.
According to the indictment, the RIchies operated Vantage Benefits Administration which served as third party administrator for dozens of retirement funds and 401(k)s. Ms. Richie submitted fraudulent distribution requests to the retirement fund custodian, Matrix Trust Co. Upon receipt of the funds, rather than depositing into the beneficiaries accounts, the Richies used the funds for the Vantage payroll and expenses as well as personal expenses for their farm and home.
An indictment is a formal accusation of criminal conduct, not evidence. Defendants are presumed innocent unless convicted.
Rex Securities Law, with offices in Boca Raton, FL and Austin, TX, provides representation to investors nationwide who are seeking recovery from investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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