A Special Investigations Unit Report on Optional Retirement Program Funds at Texarkana College and Dallas County Community College District
October 2009
Report Number 10-008
Overall Conclusion
On September 22, 2009, the Bowie County Criminal District Attorney obtained indictments from a Bowie County grand jury on Brian Patrick Troy, a former financial representative for American International Group Variable Annuity Life Insurance Company (AIG VALIC) and LPL Financial.
In July 2008, the Special Investigations Unit received allegations from the Higher Education Coordinating Board and a member of the board of trustees for Texarkana College that Mr. Troy was submitting falsified documents to AIG VALIC to transfer optional retirement program accounts of Texarkana College employees to tax sheltered annuities or money market accounts. The Special Investigations Unit also determined that Mr. Troy allegedly transferred ORP funds belonging to employees of the Dallas County Community College District to tax sheltered annuities or money market accounts.
The indictments charged Mr. Troy with 21 counts of misapplication of fiduciary property and 22 counts of securing execution of a document by deception. Thirty-five of the counts are first degree felonies punishable by imprisonment of 5 to 99 years and a fine not to exceed $10,000. Eight of the counts are second degree felonies punishable by imprisonment of 2 to 20 years and a fine not to exceed $10,000.
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