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Richies sentenced

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Vantage Benefits Administrators co-owners Jeffery Richie and his wife Wendy Richie were finally sentenced for their role in a misguided embezzlement scheme

In this case, Ms. Richie admitted to using fund beneficiaries’ personal information to submit $15.2 million in fraudulent distribution requests to Matrix Trust, the funds’ custodian. Ms. Richie transferred the millions into Vantage’s operating account, and then into personal bank accounts.

The couple admitted to more than 90 unauthorized distribution requests from 20 retirement plans from 2014 and 2017.

Jeff Richie was sentenced to 87 months in prison (the maximum), 3 years of supervised release, and directed to pay restitution of $7,445,000.00. Wendy Richie was sentenced to 11 years with 3 years of supervised release. The pair are to report to federal prison on January 5.

I knew Jeff Richie from discussions regarding fiduciary services and it’s appalling that someone like him would betray the trust given to him by his clients and steal millions. How he thought he could get away with it, is beyond me.

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