Red Oak Couple Prison-Bound For Embezzling

(Red Oak, TX) — A Red Oak couple is facing prison time after pleading guilty on Tuesday to embezzling $15-million from retirement plans.

Wendy and Jeffrey Richie were the co-owners of Vantage Benefits Administrators. Federal prosecutors say they bilked at least a thousand participants in about 20 employer retirement plans.

Wendy pleaded guilty to two counts of theft and one count of ID theft. Jeffrey pleaded guilty to two counts of aiding and abetting. Wendy faces up to 12 years in federal prison, while Jeffrey faces up to ten years.