
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, October 2, 1994                   TAG: 9410030079
SECTION: VIRGINIA                    PAGE: D-10   EDITION: METRO 
SOURCE: 
DATELINE: RICHMOND                                  LENGTH: Short

VRS EX-LAWYER GUILTY OF FRAUD

A former attorney for the Virginia Retirement System pleaded guilty to mail fraud Friday, becoming the first person convicted in a two-year federal investigation into the pension fund.

Patrick Bynum Jr.'s plea to the single felony count in U.S. District Court in Richmond was part of an agreement with prosecutors, who are using information Bynum provided to target other officials.

Bynum's conviction stemmed from the federal investigation into the pension fund's 1990 takeover of RF&P Corp., a land development company.

Prosecutors alleged in papers filed in Bynum's case that the pension fund's former board chairwoman, investment chairman and staff director violated state and federal laws on securities fraud, perjury, misuse of public funds and conflict of interest.

By covering up stock purchases, prosecutors said, Bynum and other officials cheated RF&P shareholders who sold at prices that would have been higher had the pension fund's plans been publicly known.

Prosecutors have said further criminal charges will be filed but have not said against whom.

Bynum will be sentenced Dec. 15. He faces up to five years in prison.

- Associated Press

by CNB