Baton Rouge Man Allegedly Stole $2M From Firefighters Pension Fund

Feb. 16--An accountant from Baton Rouge stole roughly $2 million that the traditionally troubled New Orleans Firefighters Pension and Reduction Fund gave to him to put money into life insurance coverage insurance policies -- after which used the cash to gamble, finance residence enhancements and repay money owed, federal prosecutors allege.

Wayne Triche faces costs of wire fraud and falsely reporting his revenue on a number of tax returns in a 38-count indictment handed up by a federal grand jury Thursday.

Triche did not instantly reply to a message left for him at his workplace Friday.

In response to the indictment, the New Orleans Firefighters Pension and Reduction Fund loaned $5 million to an organization that Triche co-founded so the agency may purchase life insurance coverage insurance policies as investments that officers hoped would generate income.

Life insurance coverage holders will typically promote their insurance policies to buyers who hope that the advantages paid out by the coverage will likely be greater than it value to buy and preserve it.

Triche's firm acquired greater than $6 million in advantages from life insurance coverage insurance policies bought as investments on behalf of the Firefighters Pension and Reduction Fund, the feds mentioned. However lower than $three million of that made its method again to the fund.

Triche took a big portion of that cash and transferred it to a set of financial institution accounts underneath his management, mentioned the indictment obtained by U.S. Legal professional Peter Strasser's workplace.

The indictment highlights 34 unauthorized transactions totaling greater than $1.eight million between 2013 and 2016. Other than playing, residence enhancements and bank card funds, Triche used the cash to pay a civil judgment and canopy different residing bills, the indictment mentioned.

He then didn't report that revenue on his 2011 to 2014 tax returns, the federal government mentioned.

Triche may resist 20 years in jail and a superb of $250,000 if convicted of the fees, which resulted from an investigation by the FBI and IRS.

Legal professional Louis Robein represents New Orleans firefighters in pension points and mentioned Thursday that retirement fund officers had cooperated with the feds. He declined additional remark, citing the pending case.

The fund collects cash that firefighters and the town pay towards their retirement. It invests that cash after which pays out advantages as essential.

It has lengthy been underfunded due to low metropolis funds in addition to investments which have carried out poorly.

Triche based American Pension Consultants together with George Russell in 2002 data present. He assumed management of the corporate after Russell died a number of years later, based on the indictment.

An arraignment date for Triche hadn't instantly been set Friday.

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