Virginia executive admits embezzling from children’s funds

Virginia executive admits embezzling from children’s funds
Gavel on sounding block (Source: Gray News)

ALEXANDRIA, Va. (AP) - A northern Virginia business executive has pleaded guilty to embezzling roughly $8 million from settlement funds meant for injured children.

Fifty-nine-year-old Joseph Gargan of Round Hill was CEO of an Arlington firm called The Pension Company.

He pleaded Monday in federal court in Alexandria to wire fraud and embezzling government funds and faces up to 30 years in prison.

Prosecutors say Gargan was supposed to execute settlement agreements designed to pay out millions of dollars to children injured by medical malpractice or who lost a parent through medical negligence.

His lawyer declined to comment Monday.

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