CHICAGO (CBS) — A former executive at a company that administers employee pensions has been indicted for allegedly defrauding benefit plans of more than $8.5 million.

As WBBM Newsradio’s Dave Berner reports, the U.S. Attorney’s Office says Richard Zachmann of Aurora has been charged with 12 counts of wire fraud. Each count carries a maximum of penalty of 20 years in prison and a fine of $250,000.

Zachmann was vice president of Life Associates, which managed employee pension plans and group life insurance programs for more than 100 public housing authorities in 21 states.

Chicago area clients included agencies in DuPage County, Elgin and North Chicago.

Zachmann allegedly concealed valuable proceeds from the housing authorities and the beneficiaries of the plans.

LISTEN: WBBM Newsradio’s Dave Berner reports

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