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Man Indicted for Ripping Off PBGC

An Ohio man has been indicted by a federal grand jury for stealing money from… the nation’s private pension insurer.

According to a press release from the U.S. Attorney’s Office for the Northern District of Ohio, a federal grand jury indicted Dean Nikolaides, 63, of Warren, for theft of government funds.

Nikolaides is alleged to have fraudulently received $82,428.06 in benefits over 14 years from the Pension Benefit Guaranty Corporation to which he knew he was not entitled.

The press release notes that the PBGC Office of the Inspector General conducted the investigation, and the Social Security Administration Office of the Inspector General and the United States Postal Inspection Service aided in the investigation. Special Assistant U.S. Attorney Lisa J. Sanniti is prosecuting the case.

Bloomberg BNA notes that, if convicted, Nikolaides faces a $250,000 monetary fine, 10 years in prison, or both, citing comments by a DOJ spokesman. Nikolaides could also face up to three years of supervised release, the spokesman said, according to the report.