Man, 72, Indicted on Embezzlement Counts
A federal grand jury indicted a businessman Thursday on charges of embezzling more than $700,000 from his employees’ pension plans.
Russell Crawford, 72, owned Valley Building Materials Co., a building supply firm that went bankrupt in August 1995.
He was indicted on two counts of embezzlement, six counts of filing false documents to conceal the embezzlement and two counts of loan fraud, according to court documents.
The indictment contends Crawford drained all of the assets from the Valley Building Materials’ profit-sharing plan and the company’s retirement benefits plan. He then allegedly concealed the embezzlement in documents filed with the Department of Labor and Internal Revenue Service.
Employees lost about $724,500, prosecutors contend.
A warrant for Crawford’s arrest was issued Thursday, said Thom Mrozek, a spokesman for the U.S. attorney’s office.
If convicted on all 10 counts, Crawford faces fines of up to $4 million and 100 years in federal prison.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
