Fresno CEO Mary Williams Sentenced for $500k Pension Embezzlement

FRESNO — A former CEO has been locked up for taking a massive chunk out of a pension plan. Mary Williams, 70, was sentenced to one year in prison for embezzling over half a million dollars from a pension plan she managed at Aeroplate Corporation.

According to court documents, the Fresno-based engineering and contracting firm’s CEO siphoned off approximately $509,000 between June 2011 and November 2016. The stolen funds were funneled into company coffers using assets like real estate parcels in Fresno, once valued at over $900,000.

Williams pleaded guilty to the embezzlement charge on January 17, 2017. Her actions led to the insolvency of the pension fund due to insufficient funds to meet expected benefit claims. However, the Pension Benefit Guaranty Corporation stepped in to protect the employees from losing their benefits.

Williams was ordered by U.S. District Judge Dale A. Drozd to pay $509,405 in restitution to the Pension Benefit Guaranty Corporation (PBGC). This case is a stark reminder of how white-collar crime can devastate both businesses and employees alike.

The investigation was carried out by the U.S. Department of Labor’s Employee Benefit Security Administration, with Assistant U.S. Attorney Michael G. Tierney handling the prosecution.

Williams’ sentence sends a strong message about the consequences of misusing pension funds. As the justice system takes action, it also highlights the importance of trust and integrity in corporate leadership.

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