Third-Party Administrator Pleads Guilty to Defrauding Pension Plans and Embezzling from Pension and Welfare Plans

This document is a press release from the U.S. Attorney's Office for the Northern District of Illinois announcing that the president of a third-party administrator for union pension and health and welfare plans pleaded guilty to defrauding $5 million from 11 union pension funds and embezzling $1.93 million from 5 union pension and health and welfare plans. The administrator misled the plans' trustees about the investments and secretly siphoned off excess insurance premiums billed to the plans.