Executive Accused
of Looting
Pension Plan
from The Los Angeles Times,
Business, Part D Page 14, November 16, 1995
partial reprint; contact The Los Angeles Times for complete
text
EXCERPT:
"A federal grand jury in Birmingham,
Ala., has indicted a Mission Viejo businessman on embezzlement
and mail fraud counts, charging that he used $700,000 in pension
assets for personal and business expenses."
OTHER POINTS:
-- According to the indictment,
Richard T. Price used a series of loans and loan prepayment transactions
to transfer the $700,000 of plan assets to the company and a
parent company, from which he withdrew it for personal and business
expenses.
-- Accused was the trustee
of the company 401(k) plan.
-- Indictment handed down
on November 8, 1995.
For complete text, contact
The Los Angeles Times.
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