Fresno CEO Mary Williams, 70, Pleads Guilty to $509K Pension Theft

FRESNO, Calif. — Mary Williams, 70, of Fresno, admitted in federal court today to stealing $509,000 from her company’s employee pension plan. The former CEO of Aeroplate Corporation, an engineering and contracting firm, pleaded guilty to embezzlement charges that unravel a five-year scheme to bleed a retirement fund dry.

Between June 2011 and November 2016, Williams siphoned off pension assets meant to secure workers’ futures. Among those assets were key real estate parcels in Fresno, once appraised at over $900,000. Federal law strictly prohibits using pension funds for business operations. Williams ignored the law, using the properties as collateral to secure loans for Aeroplate.

The gamble failed. When Aeroplate couldn’t repay the debts, the properties were seized through foreclosure. The pension plan, stripped of its most valuable holdings, collapsed into insolvency—unable to cover promised employee benefits. Workers faced financial ruin through no fault of their own.

Luckily, the Pension Benefit Guaranty Corporation stepped in, federally insuring the plan’s benefits and shielding employees from total loss. Still, the damage done by Williams’ greed left lasting scars on trust and retirement security for the firm’s staff.

The U.S. Department of Labor’s Employee Benefit Security Administration led the investigation, uncovering the depth of the financial betrayal. Assistant U.S. Attorney Michael G. Tierney is prosecuting the case, which exposed systemic misuse of employee trust under Williams’ leadership.

Williams now awaits sentencing before U.S. District Judge Dale A. Drozd on April 3, 2017. She faces a maximum penalty of five years in prison and a $250,000 fine. The final sentence will reflect statutory factors and the Federal Sentencing Guidelines, but one thing is clear: stealing from workers’ futures carries a steep price.