A Tacoma man who stole more than $200,000 of retirement funds from a commercial painter was sentenced to three years in prison on Friday. FOX13
According to the Department of Justice , 52-year-old Erik A. Read, who was working as a third party administrator for union health and welfare and pension plans, stole money from a union member’s account between April 2018 and May 2019."Mr. Read used his specialized knowledge to steal the money a commercial painter had paid into his pension plan, hoping his theft would go undetected," said Acting U.S. Attorney Gorman.
According to records filed in the case, between 2018 and 2019, Read falsified records, forged signatures and doctored a driver’s license to make it appear that the victim wanted his funds withdrawn from the fund to pay for medical treatment for terminal illness. The DOJ says Read also told his coworkers that he was going to hand-deliver the checks to the victim and his family. Instead, he deposited them into his own bank account – even while he was already earning $150,000 a year. Sheriff: Inmate trying to escape Whatcom Co. Jail exposes aging jail infrastructure
Prosecutors wrote to the court that in addition to the financial impacts of Read’s crimes, they brought a great deal of stress to the victim and his own coworkers. "The impacts include the stress on upon learning his retirement had been stolen and his efforts to recoup it," said prosecutor Brian Wynne. "The impacts also include the stress experienced by Read’s colleagues who unwittingly helped Read carry out the fraud and the stress and managerial impacts on the trusts whose plans Read administered.
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