The New Orleans U.S. Attorney's office has indicted Wayne Triche for defrauding the $45 million New Orleans Firefighters' Retirement and Relief Fund.
In a Feb. 14 indictment filed in the U.S. District Court in New Orleans, the office alleges Mr. Triche, between 2007 and 2016, used funds belonging to the pension fund to pay for his own personal expenditures including "the payment of a civil (judgment), home improvements, credit card payments and living expenses," according to the indictment.
Mr. Triche and his company American Pension Consultants were hired by the pension fund in 2003 to "purchase life insurance policies with viatical settlements as investments," the filing said. The pension fund had provided the company with $5 million to purchase life insurance policies.
Officials at the U.S. Attorney's office, the pension fund and Mr. Triche could not be immediately reached for comment.