Mary Williams, the former CEO of an engineering firm in Fresno, will serve a year in prison for her conviction for embezzling $509,000 from a pension plan.
U.S. Attorney Phillip Talbert said that Williams, 70, must also repay the full amount to the Pension Benefit Guaranty Corp.
Williams pleaded guilty in January to the embezzlement.
Williams was the CEO of Aeroplate Corp., an engineering and contracting firm. From June 2011 through last November, Williams took $509,405 from a pension plan that Aeroplate had established for its employees. One of the assets was a set of real estate parcels in Fresno that once had an appraised value of more than $900,000.
According to a plea agreement, Williams and the company used the properties to raise money for Aeroplate. The company became unable to repay its loans, and the properties were foreclosed upon. In turn, the pension fund became insolvent, though it was backed by the Guaranty Corp., which protects employees’ benefits should a pension become insolvent.